Powered by MOMENTUM MEDIA
investor daily logo

Fair Work Commission denies FSC hearing

  •  
By Tim Stewart
  •  
2 minute read

The Fair Work Commission (FWC) has rejected the Financial Services Council’s (FSC’s) request for an “urgent hearing” to challenge the make-up of the commission’s default fund expert panel.

As a result, the FSC is now “considering its position to launch legal action” against the commission on the validity of its expert panel.

The FSC’s request for a one-week extension to the MySuper submission deadline from 28 April has also been turned down by the FWC.

The lobby group wrote to FWC on 11 April to express concerns that the commission was “acting outside of its powers under the Fair Work Act by pushing ahead with a review of superannuation terms with an invalidly constituted expert panel”.

==
==

According to the FSC chief executive John Brogden, the president of the FWC, Justice Iain Ross, responded to the FSC’s concerns with the “extraordinary move” of appointing himself to the expert panel – but that is “not enough”, according to Mr Brogden.

“The expert panel must be validly reconstituted before the process can proceed. The process is fast losing the confidence of the industry and must be urgently remedied,” he said.

Commenting yesterday following the FWC determination, Mr Brogden said: “It is an extraordinary circumstance where the president of the Fair Work Commission appointed himself to the expert panel and is now using that as a defence on why a hearing cannot occur.”

“This process does nothing but continue the status quo of the union-backed industry fund’s monopoly on the default superannuation market,” said Mr Brogden.

 

 

Fair Work Commission denies FSC hearing

The Fair Work Commission (FWC) has rejected the Financial Services Council’s (FSC’s) request for an “urgent hearing” to challenge the make-up of the commission’s default fund expert panel.

investordaily image
investordaily image
ID logo

Comments powered by CComment