E5. Are other Trailing adviser commissions Fund surveys Agree, but it is unlikely that relevant funds will be willing to leakages from embedded in choice products disclose much in this space members’ and insurance# (output) accounts being minimised? E5. Are other Unclaimed superannuation Regulator data Source of unclaimed super will be relevant. Anecdotally a leakages from (output) significant proportion these days is likely to come from the members’ informal workforce, including those who have since departed accounts being Australia. minimised? E6. Is the system Availability of meaningful and AIST endorses this indicator but cautions that member providing comparable information on perception of availability of information is likely to be skewed by highquality fees, product features engagement. Thus not level playing field. Critical that member information and (including insurance) and surveys stratify by characteristics such as age, gender, NESB, intrafund risks* (input) income and account balance. Of course, everyone conforms to financial advice PDS requirements, but the fact that most don't read those in to help members detail if at all demonstrates how difficult this issue is. Further, make decisions? difficulty in gaining agreement on RG97 demonstrates fractured industry views.
E5. Are other leakages from members’ accounts being minimised? Trailing adviser commissions embedded in choice products and insurance# (output) Fund surveys Agree, but it is unlikely that relevant funds will be willing to disclose much in this space E5. Are other leakages from members’ accounts being minimised? Unclaimed superannuation (output) Regulator data Source of unclaimed super will be relevant. Anecdotally a significant proportion these days is likely to come from the informal workforce, including those who have since departed Australia. E6. Is the system providing highquality information and intrafund financial advice to help members make decisions? Availability of meaningful and comparable information on fees, product features (including insurance) and risks* (input) AIST endorses this indicator but cautions that member perception of availability of information is likely to be skewed by engagement. Thus not level playing field. Critical that member surveys stratify by characteristics such as age, gender, NESB, income and account balance. Of course, everyone conforms to PDS requirements, but the fact that most don't read those in detail if at all demonstrates how difficult this issue is. Further, difficulty in gaining agreement on RG97 demonstrates fractured industry views.
sub039-superannuation-assessment.docx