Australian Superannuation: Fixing the Problems

Abstract
In the past few weeks, the Hayne Royal Commission has exposed numerous problems with the Australian superannuation system. These include alleged: “unconscionable conduct over the charging of fees”; ineffective regulatory action by both APRA and ASIC; failures of trustees to “prioritis[e] the interests of members over the interests of themselves and related parties”; and numerous alleged breaches of both the Corporations Act and the Superannuation Industry (Supervision) Act. The evidence heard by the Royal Commission reinforce those of the Productivity Commission, published in May this year, and of Professor Nicholas Morris, whose book Management and Regulation of Pension Schemes: Australia – A Cautionary Tale was published in April 2018.
This seminar follows a previous La Trobe Law School seminar, “Australian Superannuation: What went wrong?”, held on 1 August 2018. In this seminar, Professor Morris will be joined by Jack Hammond QC, the founder of superannuation community action group <A HREF="http://saveoursuper.org.au" TARGET="_blank" DATA-MSYS-CLICKTRACK="0" REL="nofollow noopener noreferrer">Save Our Super</A> to discuss what can be done to improve the situation. Their wide-ranging suggestions will draw both on those set out in Professor Morris’ book and those identified through interaction with Save Our Super supporters. They will include reforms to regulatory and legal arrangements, increased transparency, and the introduction of a more accountable fund against which the performance of other funds can be benchmarked. <A HREF="https://scholars.latrobe.edu.au/display/ldekoker" TARGET="_blank" DATA-MSYS-CLICKTRACK="0" REL="nofollow noopener noreferrer">Professor Louis de Koker</A> will then chair a discussion among seminar participants.
Presenters
Professor Nicholas Morris is an adjunct professor at La Trobe School of Law. He is the author of <A HREF="https://www.taylorfrancis.com/books/9781351975162" TARGET="_blank" DATA-MSYS-CLICKTRACK="0" REL="nofollow noopener noreferrer">Management and Regulation of Pension Schemes: Australia - A Cautionary Tale</A> (Routledge, 2018) and co-editor of <A HREF="https://global.oup.com/academic/product/capital-failure-9780198712220?cc=gb⟨=en&" TARGET="_blank" DATA-MSYS-CLICKTRACK="0" REL="nofollow noopener noreferrer">Capital Failure: Rebuilding Trust in Financial Services</A> (Oxford University Press 2014, paperback 2016). He has advised governments, industry and regulators on regulatory and investment issues, worldwide, for over 40 years.
Jack Hammond QC is the founder of superannuation community action group <A HREF="http://saveoursuper.org.au/" TARGET="_blank" DATA-MSYS-CLICKTRACK="0" REL="nofollow noopener noreferrer">Save Our Super</A>. He was a Victorian barrister for more than three decades. Prior to becoming a barrister, he was an Adviser to Prime Minister Malcolm Fraser.

La Trobe City Campus Teaching Room 2 (room 2.11, level 2)

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Australian Superannuation: Fixing the Problems

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