Royal Commission names industry and retail funds
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has named the superannuation funds which will form the case studies for its next round of hearings.
The Royal Commission has named AMP Super, Australian Super, Catholic Super, Colonial First State, Electricity Supply Industry Superannuation, HostPlus, IOOF, Mercer, MLC/NAB, Onepath and Oasis (ANZ), Suncorp, Super and Cbus with respect to the duties of super fund licensees.
It said the case studies would look at structural and governance arrangements, the relationship between trustees and financial advisers and selling practices.
The Royal Commission said QSuper would be examined with respect to superannuation funds and Aboriginal and Torres Strait Islander members while both the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) would be examined with respect to the effectiveness of the superannuation regulators.
It said that other superannuation funds would also be the subject of statements tendered by Counsel Assisting the Royal Commission.
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