ACCC wants to clean up super mess

Allan Fels, former Australian Competition and Consumer Commission chairman, would like to see the commission's former powers over financial services returned. This area was handed to the Australian Securities and Investments Commission in 1998 and there's been a demarcation dispute ever since.

Criticism has been levelled at ASIC that it hasn't been doing its job properly: for example it has failed to protect victims of property investment scams and now is being accused of not acting on some superannuation funds' exorbitant exit fees.

Allan Fels said both the ACCC and ASIC should have full power over financial services, with a memorandum of understanding between them. His views are fully supported within the ACCC.

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