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"there is an onus on regulators to ensure that investment options can be easily compared"

Some industry funds have had up to 40% or even more in unlisted assets, how can this be easily compared?

If an adviser recommended 40% in illiquid assets they could easily be shot for most client circumstances.

Does Karen represent superannuation trustees, does Karen understand what is going on in 'superland' at all, does Karen understand industry funds won't even tell you how they actually invest their money?

All industry super funds typically provide is broad asset allocations with no currency, country, industry, listed/unlisted exposure details. Transparency isn't a concern here?

Let's not even start with deterioration in industry group risk T&C's and let's not even mention the taboo subject of risk commission kick backs to industry funds on group risk which offsets the very fees Karen is trying to compare.