RC to examine ‘fox in the henhouse’
The standing of Industry Super Australia’s so-called “fox in the henhouse” advertisements will be examined by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Counsel assisting the Royal Commission, Michael Hodge QC specifically referenced in the advertisements in the context of the so-called sole purpose test under the Superannuation Industry (Supervision) Act.
In doing so, Hodge noted that questions around the advertising had already been raised by the Australian Prudential Regulation Authority (APRA).
The “fox in the henhouse” advertising was funded via Industry Super Australia on behalf of a number of its constituent industry superannuation funds and attacked bank-owned superannuation funds.
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
