Common super standards will boost savings, says Cooper
Common data standards for the superannuation industry will help to create more efficient and wealthy funds, Cooper review chairman Jeremy Cooper has said.
Speaking to the Australian, Mr Cooper argued that the self-regulation model for common data standards had failed.
"The industry has been trying for a number of years and it hasn't worked," he said.
"It hasn't had the teeth to force all participants to comply."
Mr Cooper added that universal standards should be legally enforceable if the review's Superstream proposal is to work.
According to the newspaper, the package of efficiency measures has been predicted to save up to $20 billion in unnecessary costs, with the federal treasury estimating that the Cooper review reforms will boost a fund members' final balance by about $40,000, or seven per cent.
Aussies looking for good returns from the banks could also choose to compare savings accounts in search of the best offers. Last week, Oliver Milman of StartUpSmart.com.au argued that consumers and small business owners can often secure better deals by holding multiple accounts across different providers.
This article is brought to you by Mozo – Helping you compare savings accounts