The Chair of the committee, Mr Tim Wilson MP, said 'Australians who put their savings into the bank or entrust it with a superannuation fund rightly expect it to be secure'.
'The conduct of ME Bank has raised urgent questions about the security and flexibility of the savings of Australians with their mortgage products and necessitates scrutiny', Mr Wilson said.
'Australians trust superannuation funds with significant savings, they hold a fair expectation that funds will provide accurate information and will act promptly if they are eligible for early withdrawal. The conduct of Industry Super Australia in publishing dubious calculations about the impacts of early withdrawal will be examined, as will processes to stop fraud', Mr Wilson said.
'Members' equity should be paramount, and concerns about liquidity also need to be answered. It was only in November last year that the sector dismissed this committee's concerns about liquidity prompted by substantial investments by funds in illiquid assets', Mr Wilson said.
'As the superannuation system is a significant mechanism enabling Australians to support themselves in retirement, it is crucial that the superannuation sector is operating effectively, fairly and for the benefit of fund members,' said Mr Wilson.
'The COVID-19 pandemic has also raised a number of issues, including how banks and the superannuation sector are supporting affected customers and members', Mr Wilson said.
Date: Thursday, 14 May 2020
Time: 9.30am to 12.30pm
9.30am – Industry Super Australia
10.50am – Break
11.00am – ME Bank
12.30pm – Finish
The hearings will be webcast at aph.gov.au/live.