The interim Financial System Inquiry report was released last week. The inquiry, chaired by David Murray, reviewed various areas of the financial system and suggests getting further information and stakeholder opinions.
As super members, according to the Inquiry, you benefit from a well-functioning financial system by
- an efficient system enabling you to save more money
- allowing a mix of assets so you can choose risks vs returns that suit you
- offering a range of retirement products
The implications of the various suggestions made by the Inquiry, particularly in regard to retirement income products, the provision of financial advice and the regulation framework are currently being reviewed by the AvSuper Trustee.
AvSuper will continue to monitor developments, as well as participate in the consultation process, and will notify members as issues are resolved.
The Treasurer expects to receive recommendations in November 2014.