Royal Commission final report

ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRYREPORT FINDINGS – FINAL REPORT

 

The Royal Commission’s final report was handed down on Monday 4 February 2019.  The report proposes many important improvements to our industry and we welcome all recommendations that strengthen outcomes for members.

The Royal Commission made mention of Catholic Super, including past management of conflicts and credit card usage internal controls.  We also received mention for the approach to recent merger discussions with Australian Catholic Superannuation Retirement Fund.

Since mid 2018 Catholic Super has substantially enhanced and improved the policies and practices it has in place, especially with respect to conflicts management and credit card usage.  With the advice and support of external specialists, Catholic Super has also implemented new internal controls, checks and balances. These steps will ensure that the matters examined by the Royal Commission can never be repeated.

In relation to merger discussions we remain, as we always have been, committed to acting in our members’ best interests – mergers can only be considered if there are clear and sustainable benefits to our members.

Catholic Super is a high performing industry super fund dedicated to growing the life savings of 75,000 members in the education, health and community sectors. 

Catholic Super is very proud to be ranked number one in the Roy Morgan Satisfaction with Financial Performance of Superannuation Top 10 Performers – Retail and Industry Funds, November 2018.

Our Moderately Aggressive growth fund option was ranked by research house, Chant West as the top performer over the last 15 years for funds with a 61-80 per cent allocation to growth assets.

In 2018 Catholic Super’s MyLife MyPension was recognised for its outstanding value by Canstar, an Australian financial comparison site.

Members can be reassured that our commitment to their financial peace of mind remains our fundamental obligation and the key responsibility of the Board and all at Catholic Super.

 

Danny Casey, Board Director and Independent Chair