The financial services royal commission turns its attention from next week to the $2.6 trillion superannuation industry with a focus on fees charged by funds and actual returns to retirement savers.
Australians are being bamboozled by superannuation, losing them billions every year in high fees, low returns and expensive insurance, according to an investigation by the Productivity Commission.
The royal commission hearings will consider how funds fulfill their duties to members. The hearings will also consider related issues such as the relationship between trustees and financial advisers, the current legal regime and the effectiveness of regulators.
Her are the funds called before the commission:
- AMP Super
- Catholic Super
- Colonial First State
- Electricity Supply Industry Superannuation
- NULIS (MLC/NAB)
- Onepath and Oasis (ANZ)
- United Super (CBUS)
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