Call centres at many of the country’s largest super funds have seen volumes increase as much as 200 per cent since March as frenzied members seek information about why account balances have plunged or whether the federal government’s early access scheme is right for them.
The corporate regulator cut through some red tape for intra-fund advice last month to allow funds to help members understand the risks of the emergency scheme that allows those in financial hardship to withdraw two tranches of $10,000 from their retirement savings.
Global accountants KPMG applauded the move and its partners have called for ongoing regulation relaxation.
“The early access scheme is a great example of why having accessible and affordable advice for the mass market is so critically important,” says KPMG superannuation executive Linda Elkins.
“The government offering relaxation of rules is perhaps evidence the regulatory settings aren’t where they need to be in order to provide that level of advice.”
If members want more than intra-fund advice,they can request a one-on-one session,but this doesn’t come cheap.
Super fund HESTA charges an average of $2043 for comprehensive financial advice and a full statement of advice at AustralianSuper will set you back at least $2500.