It would not be surprising if the Royal Commission recommended additional control around superannuation trustee interactions with related parties, according to an analysis issued by Willis Towers Watson.
The analysis, released this week, reviewed the areas covered by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and suggested the commission’s final recommendations might include the additional controls.
Retail superannuation funds sitting within vertically-integrated structures would be most affected by such a move.
The Willis Towers Watson analysis also suggested that the final recommendations might also focus on commissions and other conflicted remuneration.
The analysis pointed to the summing up of counsel assisting the Royal Commission and the fact that they had suggested that findings could be made that some trustees had not prioritised the interests of their members over those of others such as related parties.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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