Super reform costs you $105 a year

THE cost of on-going superannuation reforms and new financial services regulations could be costing Australians an extra $105 a year in superannuation charges.

A report from Tria Partners, funded by the Financial Services Council, put the total cost of reform over five years at $2.75 billion.

Many of the reviews, inquiries and resulting reforms have been driven by a series of scandals involved financial planners in major banks.

Despite the scandals, FSC chief executive Sally Loane backed several reforms, including tighter standards on financial planners.

She said that if the nation was serious about "becoming a financial services centre", then politicians needed to get with legislating and implementing the reforms.

Among those on the Coalition's agenda Ms Loane backed were new laws to improve choice and competition in the superannuation sector.

She also supported governance changes the worker-owned super funds have criticised, partly because they would limit the number of union-linked board members.

The FSC also urged the government to reinstate the life insurance reform bill to "address misaligned incentives" and improve trust in that sector.


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