Australia's profit-for-member superannuation funds are leading the industry, but they could do better says Ian Silk, chief executive of AustralianSuper, the country's largest fund.
The much-awaited final report for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry made seven recommendations relating to superannuation.
As the fifth round of Australia’s financial services royal commission came to a close, counsel assisting criticised many retirement savings funds for their retention strategies, conflicts of interest and other practices deemed not in members’ best interests.
Everything from charging dead people fees to trustees nixing mergers out of self-interest has emerged, as royal commission hearings have exposed big flaws in the world's fourth-largest pension system.
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