Lengthy disclosure statements are not providing an appropriate level of information to people, according to AustralianSuper chief executive Ian Silk.
"While disclosure is necessary, it is not sufficient in providing information to people," Silk told an audience at the Investment and Financial Services Association (IFSA) conference yesterday.
Silk cited research from the Australian Bureau of Statistics, which showed that one in two people did not have the necessary numeracy skills needed for everyday life.
"To think that disclosure statements can bridge the information gap is utter rubbish," he said.
Silk noted that current product disclosure statements used by firms, including AustralianSuper, are not providing the sufficient level of knowledge needed by consumers.
A recent survey of the fund's members found 70 per cent expected their superannuation statements to include a 10 to 15 per cent return, according to Silk.
Along with this 'profound ignorance' and the turbulent markets, Silk expected the fund's call centres to be a 'hive of activity'.
"We definitely expect an increase in enquiries to our call centre. The last place you want to be right now is in the call centre of a super fund," he said.
He acknowledged that the issue was that of member engagement and said communication along with low fees and investment performance were the top three items expected by members.
