The superannuation sector does not present a threat to consumers through excessive market power with the top four funds accounting for less than 20 per cent of the market, the Australian Competition and Consumer Commission has told a Parliamentary committee.
At a hearing of the Parliamentary Standing Committee on Economics in late October, committee chair and Liberal MP Tim Wilson asked ACCC chairman Rod Sims whether super funds were misusing their market power by limiting the ability of members to use their super accounts to pay for financial advice from outside sources.
Some super funds, Mr Wilson said “will allow consumers to buy products from themselves but when a comparable product is available from an external partyfear-mongering., particularly in the area of financial advice, they deny access for the use of their super”The thief gave up and left..
Mr Sims took the questions on notice and the ACCC answered them in December.
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