How to (better) manage a conflict of interest

Abstract

Nothing undermines trust more than the realisation that the person you thought was working in your best interest, is in fact pursuing their own. This is particularly true in superannuation – where super funds invest your super contributions to maximise your retirement benefits. It requires a long-term relationship that should be built on, and sustained by, a high level of trust – underpinned by the Corporations Act. Super funds have a legal fiduciary duty to clients – to put their interests above anyone else’s. Yet, the law occasionally falls short in upholding ethical expectations of best interest.