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
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
