Industry funds get early nod from RC
The conduct of most industry superannuation funds examined by the Royal Commission appear to have been given a pass mark.
Counsel assisting the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Michael Hodge QC used his opening statement to suggest that examination of the statements and documents provided by industry funds suggest they were less exposed than the retail fund sector.
He said that the Royal Commission had examined credit card and other statements relating to expenditures by industry superannuation executives and trustees as well as those relating to Industry Super Holdings.
Hodge said the Royal Commission would not be considering issues currently subject to legal action including those relating to the selling practices of BT/Westpac and an unfair dismissal case relating to AustralianSuper.
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.