AAP

Costello calls out "spoilt brats" of super

FORMER Federal Treasurer Peter Costello labelled the superannuation industry's "spokesmen" as "spoilt brats" on Wednesday.

Mr Costello made the comments during a superannuation industry conference, later aired on ABC on Wednesday, saying the super industry gave investors no better returns than the share market.

His comments came as two of the industry's key players, Industry Super Australia's David Whiteley and the Financial Services Council's John Brogden spoke at the National Press Club on Wednesday.

Mr Whiteley again argued for commissions for financial advisors to be abolished and Mr Brogden argued the solution to rebuilding trust was to provide higher education standards for advisors.

However, the industry leaders found common ground over the fees super funds charge, saying that Australia had comparably lower fees than other developed nations, and funds should be judged on the returns they get for members.

Their comments come as a Senate inquiry is examining the options for rebuilding trust in the financial sector, after a previous inquiry found key failings at Commonwealth Bank's financial planning unit and the corporate regulator.

- APN NEWSDESK


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