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Criticism that superannuation and insurance should not have been included in the Royal Commission into the Financial Services sector is misguided and unwarranted, according to the Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP. 

"There is no compelling case to carve out superannuation from this inquiry – especially given that the superannuation system operates under a compulsory model where people are forced to put 9.5% of their wages away until retirement. 

The Government's legislation, to be considered by the Senate this week, will for the first time introduce a consistent, minimum standard to require all funds to have at least some truly independent directors, underpinned by a strong, objective definition of independence enshrined in the legislation." 

Minister O’Dwyer’s media release can be found here

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