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Hayne's report brings into play ideas surrounding collective humanistic values and goals, and natural law principles based on commonly understood ethics and moral standards. What is striking is how the financial services industry has dehumanised consumers, and those within the industry providing the services at the frontline.
Channelling people into a default superannuation fund could be compared with the indignity of income management. But MySuper is geared to protect the human dignity of Australians in retirement against their own indifference, and also commercial exploitation.
The complexity of superannuation products prompts many to choose easy options that attract high fees. Higher fees mount up over many years and significantly affect the quality of life workers are able to enjoy when they retire.