Superannuation Consumer Centre Important First Step in the Wrong Direction

“The establishment of a Superannuation Consumer Centre to advocate on behalf of fund members and paid for by the Government and the superannuation industry is a waste of $10 million of taxpayer money”, said Paul Versteege, CPSA Policy Coordinator.

“He who pays the piper calls the tune and the Superannuation Consumer Centre is set up in a way that it will advocate for the interests of the financial services industry rather than the consumer.

“The Superannuation Consumer Centre is another example of where the Federal Government gets cosy with industry and hails it as a great outcome for consumer protection.

“It’s disappointing to see CHOICE, a once formidable consumer protection organisation, welcoming the Superannuation Consumer Centre on the basis that CHOICE thought of it first, without paying heed to the obvious consumer protection defects of letting the superannuation industry run it.

“There is a need for a Superannuation Consumer Centre, given the appalling investment returns the super industry achieves for its members and the enormous fees it pockets, but Bill Shorten’s announcement today can only be branded an important first step in the wrong direction”, said Versteege.

Media Contact: Paul Versteege, Policy Coordinator
Mobile 0409 814 181 (Back up: 0410 612 182)