APRA queried on industry funds/ISA advertising contract

Mike Taylor

Managing Editor and Publisher

18 July 2023

The Australian Prudential Regulation Authority (APRA) has been directly questioned on whether it has checked the contracts between industry super funds and Industry Super Australia which underpin the “compare the pair” television advertising campaign.

In a question on notice an answer to which is already listed as “overdue”, NSW Liberal Senator, Andrew Bragg, specifically cited expenditures on the part of industry funds, Maritime Super and Cbus and whether they meet the Best Financial Interests Duty.

“Is APRA of the view that the expenditure spent to secure these advertising spreads was ‘’essential to the prudent operation’ of Industry Super, Maritime Super and Cbus,” Bragg asked.

He also asked whether APRA had “checked the contract in place with industry funds to get a breakdown of the individual arrangements ISA enters on their behalf?”

“How do these funds evaluate the effectiveness of the various campaigns and channels utilised? What is the test here for the BFID?” Senator Bragg asked.

Industry Super Australia describes itself as “managing collective programs on behalf of nine superannuation funds.

“ISA’s most well-known collective program is the Industry SuperFunds marketing campaign, which provides information about superannuation and the benefits of membership of funds that carry the symbol,” it said.

“ISA also performs public relations and government relations on behalf of participating funds and entities.”