Jul 15, 2014

Murray inquiry bad news for Coalition on super, financial planning

The Murray Financial Services Inquiry warns of the very problems the government is now making worse in financial planning and super -- and departs from the holy writ of earlier financial inquiries.

The interim report of the Financial Services Inquiry, headed by former Commonwealth Bank chief David Murray, has given the Australian financial system a big tick, with no significant changes flagged for the structure and nature of the system. But the report does raise significant concerns about two of the most significant issues in the sector currently: retirement incomes and consumer protections.

On both issues, as it turns out, the government is heading in the opposite direction to that indicated by Murray.

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3 thoughts on “Murray inquiry bad news for Coalition on super, financial planning

  1. shitesherlock

    What a shmozzle this has been.

  2. SusieQ

    Last para says it all – maybe they’ll pick out a few items that meet their idealogical criteria and ignore the rest, just like they did with the CBA Senate report.
    No doubt the government will check with the ‘big four’ first before it decides what to do.
    And they wonder why people don’t trust politicians.

  3. Yclept

    “few retirees use income stream products with longevity risk protection, and there a limited choice of these products.”

    This is a bit rich coming from Murray who bludgeoned the CBA staff out of the CBA’s excellent defined benefit plan and into an accumulation fund. But then, that was more about looking after his own, more than excellent, super payout.

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