Assistant Treasurer Stephen Jones has read the riot act to superannuation funds over poor customer service and retirement advice.
Assistant Treasurer Stephen Jones has read the riot act to superannuation funds over poor customer service and retirement advice, warning them he has “spent the last year putting them on notice, but I won’t spend the next year doing exactly the same thing”.
But Mr Swan said stringent rules preventing super funds advising people as couples rather than individuals “discriminate very badly” against funds like Cbus, whose members had low balances and were likely to receive a part-pension.“We need to have a situation where we can provide financial advice to couples, but you can’t do that at the moment. the social security system works on couples,” Mr Swan said.
“The opportunity is to actually calibrate the settings around advice, whether it’s in super or outside of super, to facilitate those conversations … but in protecting people from bad advice, we’ve also protected people from good advice.” “But advice is not the beginning and the end of it, it’s an important piece of the puzzle. the day-to-day interactions, responsiveness to claims, all of those things need to be done,” he said.“Improving data sets, improving the knowledge and information that funds have about their information, moving from that very passive interaction that funds have had traditionally with their members to a much more active and engaged interaction is critical.
But they still needed advice that factored in whether they were in a couple, owned a home, had dependents or held savings outside of super, meaning widespread reform was needed across the advice sector to enable those issues to be discussed “in a scalable way”
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