The chairmen of Australia’s two largest superannuation funds have backed Treasury’s proposal to overhaul financial advice laws, as they flagged expanding the controversial advice services provided to members.

AustralianSuper chairman Don Russell and Australian Retirement Trust chairman Don Luke – who collectively oversee about $460 billion in retirement savings – said the Quality of Advice Review led by Allens lawyer Michelle Levy could result in super funds providing more advice to the 90 per cent of Australians without a professional adviser.