A milestone event ticked over on 1 July without much fanfare. It has been 25 years since the introduction of compulsory employment superannuation in Australia. The Keating Labor government introduced legislation which required employers to pay an additional 3% of their employees’ salaries into regulated superannuation funds from July 1992.
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An article in today’s AFR quotes the submission of ANZ to the Joint Parliamentary Committee which suggests that life insurers come together to establish a claims service to assist customers in making claims. We have seen over the last few years many terrible stories about the financial services industry and conflicts of interest and the push by banks to make a profit at every turn, often at the expense of the customer.
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Submission to the Parliamentary Joint Commission on Corporations and Financial Services- the Life Insurance Industry By John Berrill, Berrill & Watson Lawyers
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