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According to the Royal Commission, any Fund that only offers inhouse products is vertically integrated. Well blow me down me with a feather, isn't that what an Industry Fund is? You ring them, the only product they offer is an inhouse fund. Isn't that worse than retail funds? At least with a Big 4 or AMP planner, they can offer an outside product or give advice on one, whereas, the good old Labour (oops) Industry Funds can only offer their own badged product. They are worse than the others.