Insignia Financial chief executive Renato Mota, who oversees one of Australia’s largest retail superannuation funds, said he would be “disappointed” if laws defining an objective for super undermined the duty to act in members’ best financial interests.

Mr Mota on Thursday said Insignia – the wealth giant formed by the mega-merger of IOOF and National Australia Bank’s MLC last year – backed the Albanese government’s push to legislate a purpose for the $3.3 trillion super system and the “intent of what’s been put forward”.