New ASIC Chair Says Parts of Finance Sector have ‘Forgotten’ Whose Money They are Investing

Comments reported today from the Incoming Australian Securities and Investment Commission Chairman, James Shipton, saying the problem with the finance sector is that it has ‘forgotten’ who owns the money, should prompt the Government to abandon its super fund governance changes.

Industry Super Australia public affairs director Matt Linden said: “Public trust in the finance sector is at an all-time low – and this extends to superannuation where bank-owned funds appear to be using compulsory retirement savings to drive parent company profits at the expense of member returns.”

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