Today's breakfast was well attended - no doubt thanks to the Financial Services Council's sensibly late 9am start. Even the majority of last night's hard partying delegates fronted up for the FSC's Talking Heads session with the ABC's Leigh Sales, MP David Bradbury and Senator David Bushby.
Employer default funds, My Super and more were on the menu.
Why, asked Leigh Sales, is My Super going through Parliament before the Productivity Commission has done it's job? Because we can't wait forever, was the response from David Bradbury. And besides, the Productivity Commission's "to do" list is long enough already.
Does the super industry have blood on it's hands given older investors lost so much of the value of their investments during the GFC, asked Leigh Sales, paraphrasing the Future Fund's Paul Costello.
Those investors who did do well said Senator David Bushby may well have been lucky, rather than clever.
Questions from the floor canvassed whether new, regulated, remuneration arrangements might create new forms of conflicted remuneration, and addressed the role of financial planners in addressing financial literacy.
In response to the latter, said Senator Bushby, not everybody will end up with the expertise needed to make fully informed financial decisions - so the role of planners may become more important than ever.
David Bradbury cited school programs and the governments' Money Smart website, as well as the opportunity to seek advice when it's needed.
Could the government spend part of the Financial Literacy budget advocating people seek financial advice asked the FSC's Brogden? Probably not, or at least not yet responded Bradbury. Basic budgeting is a far higher priority for now.
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