Consumers want accountability

National Seniors chief executive Michael O’Neill has spoken out about the lack of customer service by superannuation funds.

Members were recently invited to comment on their super fund experiences via responding to Connect.

These experiences formed the basis of an article written by O’Neill in The Sydney Morning Herald this week. O’Neill spoke about the complacency of super funds and the lack of proper customer service.

“Any industry that is guaranteed at least nine per cent of every Australian's salary is going to become complacent,’’ he said.

“That certainly seems to be the case with the superannuation industry when it comes to customer service.”

Despite $70 billion in voluntary and compulsory contributions being at stake, there seems to be little competition between funds, O’Neill said.

Less than 10 per cent of workers actively choose a fund and only four per cent of people switch funds each year, with half of this due to people changing jobs or a fund closing.

To read the full article, go to The Sydney Morning Herald website [link to] and type in ‘Consumers want accountability’.

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