Finding a super balance

Congratulations to Jeremy Cooper and the new Superannuation Minister Chris Bowen for listening to all those who could see that the superannuation inquiry was being lined up to favour the big funds over the self-managed fund industry.

I set out the problem (Super's kangaroo court, July 2) where I used these words to describe the Cooper inquiry: "I can smell the makings of a form of 'kangaroo court' which could do great harm to Australia's self-managed superannuation industry – the fastest growing driver of Australian savings”.

I don't think I could have written a truer word and I backed up my material with work done by the Eureka Report. Under the original panel plan, Jeremy Cooper moves from deputy chairman of the Australian Securities and Investments Commission (ASIC) to chair the inquiry and have around him people from an industry superannuation fund, Citigroup, AMP, the Australian Chamber of Commerce and Industry and Treasury – none of whom knew anything about self-managed superannuation in and some cases were openly hostile.

Bowen has now added Meg Heffron, to the panel. She is an actuary and principal of Heffron Ltd, which manages 800 different super funds (New govt super panel appointee to be voice of self-managed sector, August 5). She promises to make sure the panel understands self managed superannuation. Hallelujah!