How O’Dwyer was mocked for a speech on industry super funds
Published 22 Dec 2016
Kelly O’Dwyer, an Australian politician and member of the Australian House of Representatives, gave a speech in November of this year that prompted ridicule from the superannuation industry representatives. Find out more about O’Dwyer’s main criticisms of the industry, how the representatives responded and what Gerard Malouf & Partners’ superannuation lawyerscan do to help if you’re being refused superannuation compensation.
O’Dwyer gives speech exposing problems in super industry
The audience laughed at Kelly O’Dwyer’s speech as she explained how superannuation funds are not governed by the same standard as banks and life insurance companies in Australia, according to The Guardian.
Here are some of the main talking points of her speech, as reported by Lexology:
- She gave an explanation of the Government’s superannuation reform package and how more flexible measures will help people save for retirement
- Key policy issues outlined in a Government analysis of the industry
- Updates on the progress of the Productivity Commission’s analysis of the competitiveness and efficiency of super systems
- How the Turnbull government will reintroduce legislation requiring independent directors, super trustee boards, choice of fund options and increased transparency
O’Dwyer also said that she refuses to wait any longer to review the non-profit superannuation industry led by Bernie Fraser.
However, the industry super representatives insist that they have repeatedly tried to contact O’Dwyer about the review but to no avail. The point where the audience laughed was when she suggested that the super industry is not governed to the same standard as major life insurance and bank companies.
O’Dwyer, however, explained that a year ago, a bill intended to have more oversight in the superannuation industry was deferred by the Senate. She claimed that the review – led by Bernie Fraser – was meant to be due by April but that it seemed to have “disappeared into a black hole.”
How Gerard Malouf & Partners can help
The government upset over superannuation reveals the large amount of dissatisfaction people seem to have with the industry.
At Gerard Malouf & Partners, we’ve experienced firsthand how disappointed many of our clients are by the tactics insurance companies use to minimise compensation payouts for partial and/or permanent disability claims.
However, we know their tactics well and are able to take legal action to challenge them on their decisions. We’ll put our expertise to good use and fight on your behalf to get you the compensation you deserve.
Contact us today to begin the process of making a superannuation claim.