The superannuation sector is set to come under political scrutiny yet again with a series of hearings to be held next month.

The Federal Parliamentary Standing Committee on Economics will grill super industry representatives and umbrella organisations on progress in implementing the recommendations of the Hayne royal commission.

AustralianSuper, IOOF, Suncorp, QSuper, REST, Hostplus, Industry Super Australia, the Association of Superannuation Funds of Australia, and AMP Super will be questioned.

Committee chair Tim Wilson says the hearings are an important part of the committee’s scrutiny of the financial sector.

“As the superannuation system is a significant mechanism enabling Australians to support themselves in retirement, it is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members,” he said.

Commissioner Hayne recommended banning financial advice fees from MySuper accounts, and said advice fees should only be allowed with clients’ express approval. The prudential regulator is also working through proposed amendments to ensure group insurance arrangements are in the best interests of members.

Federal Treasury is also consulting with the life industry on the impact of adopting universal definitions, terms and exclusions for default life insurance in super to determine how it will affect premiums.

The Government believes standardisation will push funds to compete more heavily on price, benefits and the claims handling process. But some funds are arguing that standardising total and permanent disability definitions will result in higher premiums.

The hearings will be held on November 21 and 22 at Parliament House, and will be broadcast live.