Nick Xenophon (SA, Independent) Share this | Hansard source

Yes. The minister, to be fair to him, says it is general or personal advice. I want to give the flavour of this because this is an important issue and I think it needs to be dealt with. Mr Keane makes reference to:

A good example is the advice thousands of people would have been given during the financial crisis, when the share market was in freefall and they rang their funds asking if they could switch into cash.

So the view taken by Crikey is that it asserts that Senator Cormann was talking about 'intrafund advice' and the rebuttal from Crikey was that:

The Association of Superannuation Funds—which covers the whole super sector and isn't aligned with industry, retail or SMSF—described intrafund advice this way last month:

Intrafund advice is not new—Superannuation providers have been providing advice to members as part of their general service offering to members for some time. …

The intrafund advice regime did not flow out of the recommendations of the Parliamentary Joint Committee on Corporations and Financial Services inquiry (Ripoll review) as it was in place well before the inquiry process.