Industry funds have just got to stop lying. The new superannuation funds that banks have launched are not "poorly performing". Customers are consolidating their super into accounts that are cost-effective in their own right (cheaper than industry funds) and are saving in many instances $100s (and occasionally $1000s) in fees. They also offer a different investment proposition, which is lifecycle investing, which isn't a one-sized-fits-all proposition. Industry funds are building up large sales forces, spending the national debt on advertising to convince people to switch to them and are developing vertically integrated advice business. Industry funds should stick to that rather than sledging (at best) and lying about their competition (whom they are starting to imitate).