Only a week after the Financial Planning Association (FPA) said Sir Richard Branson’s new super fund does not “reflect the reality of the regulatory requirements”, competitor Axa has also come out swinging.

Axa Asia Pacific CEO Les Owen says although Virgin has “a powerful brand”, it will use direct selling – a distribution channel that hasn’t worked well for super products in the past – to sell its products.

“There is ample evidence that the vast majority of people want and need professional advice,” Mr Owen told the Australian newspaper.

Sunrise Exchange News reported last week that Sir Richard has forked out $30 million to set up a new Australian arm of the Virgin dynasty – Virgin Superannuation – which will launch as a retail super fund when the super choice legislation is enacted on July 1.