POWERED BY MOMENTUM MEDIA
RC focuses on vertical integration and super
Vertically-integrated structures and their impact on bank-owned superannuation structures have been heavily scrutinised in today’s hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Under questioning from counsel assisting the Royal Commission, Michael Hodge QC, the former chair of the trustee for NAB/MLC superannuation funds, NULIS, Nicole Smith acknowledged that the fund’s administrator had taken decisions without always appropriately informing the trustee.
Hodge’s questioning related to the administrator’s decision to retain the so-called “Plan Service Fee” (PSF) with respect to members of superannuation funds who the administrator knew did not have a financial adviser.
Smith acknowledged the administrator, also a part of NAB/MLC, had not provided appropriate information to the trustee board and the status of the PSF should have been made clearer.
Asked what the trustee would have done about the administrator’s actions with respect to the PSF, Smith replied that the trustee board would have said “no” because it was obvious that there was no adviser linked to the account.
The Royal Commission had earlier been told that the inappropriately deducted PSF had been the subject of remediation by the NAB/MLC Superannuation Funds.
Recommended for you
Private market assets in super have surged, while private debt recorded the fastest growth among all investment types.
The equities investor has launched a new long-short fund seeded by UniSuper, targeting alpha from ASX 300 equities using AI insights.
The fund has strengthened efforts to boost gender diversity, targeting 40:40:20 balance across its investment teams by 2030.
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
