The Industry Super Network has rebranded itself as Industry Super Australia (ISA) and announced its policy priorities over the next four years, which include a focus on delivering ‘trustworthy financial advice’.
Designed to guide its advocacy work from 2013 to 2016, the ISA’s five-point Policy Platform covers:
- Putting members first
- Trustworthy financial advice
- Transparency and accountability
- Stability and equity
- National prosperity
According to the organisation’s policy document, super funds should provide trustworthy financial advice. Simple guidance about one or two aspects of super, including insurance options, should be delivered by super funds, the ISA said, adding that this type of scaled advice should continue to be encouraged by the Government.
Recent reforms to financial advice laws will increase super and other savings
‘In the past, the financial advice industry was largely geared towards providing complex, expensive advice, primarily for wealthy clients,’ the ISA stated in its policy document. ‘Research shows that this is not the kind of advice that most Australians need or can afford.
‘Recent reforms to financial advice laws will increase super and other savings by making sure people aren’t paying commissions from their super for advice they don’t receive. They will also make financial advice more affordable and accessible.’
In addition, the policy document states that the provision of insurance and advice are key to putting members’ interests first. The ISA said it believed default super funds should provide basic financial advice and appropriate default insurance, in order to deliver the best outcomes for retiring Australians.
Speaking at the launch of the Policy Platform, ISA Chair and HostPlus Director, the Hon. Peter Collins AM QC, said it was time for super to stand proudly on its own, as more than just an adjunct to the banking sector. He added that the organisation should be congratulated for its work over the past three decades, in particular the ISA’s role as an advocate for advice reform.
“As the sector has grown, industry funds have led advocacy across the system on reforms like FOFA and banning of commissions, allowing funds to provide simple and affordable advice, fairer taxes and an increase in the Super Guarantee; and fairer financial markets.
“We’re very proud of that achievement,” Mr Collins said.
The release of the ISA’s Policy Platform coincided with a change in name and branding for the group. ISA CEO, David Whitely, said its new name better reflected the growing role of industry superannuation in the nation’s economy.
“Superannuation is emerging to take a place among those institutions that are at the heart of our nation’s economy and identity,” Mr Whiteley said.
