A new advertising campaign by the not-for-profit Industry Super Funds has been labelled as “political” and nothing more than “bank bashing” by opponents.
In the ad, which comes with its fair share of scare mongering, the banks are portrayed as foxes about to raid a chicken coup and the government is portrayed as a man who opens the door to the coop, letting the foxes attack.
Industry Super Funds want to highlight how the big banks want to cajole workers away from industry funds and over to bank funds that come with higher fees and charges. Check out the ad below:
However, prominent businessman and chairman of the financial system inquiry (FSI), David Murray, has said the ad is nothing more than a case of bank bashing and was offensive to bank employees.
Murray told The Australian Financial Review: “It is a political campaign. Why should members of a super fund be asked to pay for the ad?” he said, adding the campaign was even “more denigrating” than previous advertisements, which showed bank staff profiting from cross-selling financial products.
However, Industry Super Australia CEO David Whiteley has defended the marketing, saying Australians should be aware that the banks have been actively petitioning the government to dismantle the not-for-profit super funds sector.
“The carefully calculated changes lobbied for by the banks will have two clear effects. First, they aim to increase opportunities for banks to boost their market share and profitability from compulsory super,” Whiteley told The AFR.
“Secondly, and more importantly, they could reduce members’ super nest eggs by disrupting and undermining the model used by top-performing, not-for-profit super funds.”
In a year where ‘business as usual’ is anything but, AFR BOSS reveals six of Australia’s most inspirational and outstanding young leaders who excelled during the pandemic. The six have been crowned the 2021 BOSS Young Executives in the prestigious awards program, now in its 18th year. Run in conjunction with global leadership consulting firm […]
HUMAN Security (formerly White Ops) today announced two new founding Human Collective members: Index Exchange and MediaMath. Together they participated in thought-provoking panel discussions during the recent IAB Tech Lab CTV & Video Advertising: Growing with Standards virtual event where they emphasized how important it is to work together in the fight against fraud on […]
SCA has announced the appointment of Cathrine McVeigh to head of audio production and operations. She will be part of the content leadership team. In the newly created role, McVeigh will oversee the creation of SCA’s new audio production and content operations hub and lead a combined team across the country to deliver a rapidly […]