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.

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