The Financial Services Council will proceed with legal action in the Federal Court to challenge the validity of the constitution of the Fair Work Commission’s Expert Panel for the selection of default MySuper products.
John Brogden, CEO of the FSC said: “We will apply for an urgent hearing in the Federal Court.”
The FSC will argue that the current constitution of the Expert Panel is invalid.
On 28 April, FWC President, Iain Ross, issued a statement which denied the FSC’s request for a hearing on the validity of the Expert Panel for default superannuation funds and a one week extension for MySuper submissions.
Mr Brogden said: “The industry deserves an opportunity for a proper hearing on the Expert Panel.”
“The current Fair Work Commission selection process has nothing to do with merit. It is blatantly anti-competitive and would not be tolerated anywhere else in the economy.”
“The status quo cannot be allowed to continue where union-backed industry funds have a monopoly on the default superannuation market,” he said.
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