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Wednesday, 6 December 2017
Page: 9832

Senator WHISH-WILSON (Tasmania) (12:02): I will put a couple of questions to you that have come more broadly from other stakeholders to us around the inclusion of the SCT in this new body—issues that haven't been resolved to the satisfaction of those stakeholders in the superannuation industry. For example, Industry Super Australia has expressed concerns that the new arrangements could result in superannuation trustees and therefore the members of these funds subsidising an EDR process primarily used by non-superannuation financial providers. They expressed the concern that this is in conflict with trustees' obligations, including their obligation to act in the interest of all members. They have also highlighted that they believe this issue may be challenged in the Federal Court. Does the minister accept this criticism? How has the minister consulted with ISA on this issue?