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.
A “concerning” number of Aussies don’t know what they pay in super fees, a young super fund has said.
The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
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