Royal Commission Hearings: Round 5 – Superannuation

The fifth round of Royal Commission public hearings was held Monday 6 August to Friday 17 August 2018.

The Royal Commission is playing an important role in demonstrating that our industry hasn’t always done the right thing by customers.

We have engaged openly and transparently with the Royal Commission. We have listened closely to the questions that were asked, and considered the matters raised seriously.

We accept and welcome that there will be changes to the industry and a stronger regulatory focus. And we are actively making changes to our business that we know will provide our customers with the best possible outcomes over the long term.

The importance of superannuation

Superannuation is a compulsory means of saving for retirement, enabling people to self-fund their lives after leaving the workforce without needing to rely on a government safety net through the Age Pension.

Superannuation is vital for a financially comfortable retirement. For millennials, who will make up two-thirds of the Australian workforce in less than a decade, superannuation will be their biggest asset.

At Colonial First State, we’re proud of the fact that we’ve helped over 1 million Australians with their superannuation, investment and retirement needs since 1988. And we don’t take this responsibility lightly.

While we work through the matters that have been raised in the Royal Commission, our focus is firmly on the best way to continue to provide you with the right support to achieve better outcomes.

SOURCE: https://www3.colonialfirststate.com.au/personal/news-and-updates/latest-from-cfs/royal-commission-round-5.html

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