POWERED BY MOMENTUM MEDIA
Royal Commission issues early please explains
At least some of the 17 industry superannuation funds responsible for financing the “compare the pair” and “fox in the henhouse” advertising campaigns have received correspondence seeking an explanation of their expenditures from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Super Review's sister publication, Money Management has confirmed that the chief executives of at least some of the 17 industry funds have received correspondence from the Royal Commission querying not only their financing of the advertising campaign but also seeking an explanation of other expenditures they have made.
The receipt of the documentation is understood to have followed on from correspondence between the Royal Commission secretariat and the legal representatives of Industry Super Australia (ISA) which has coordinated the advertising campaign.
Confirmation of the correspondence from the Royal Commission is consistent with the Government’s terms of reference released late last year which confirmed a focus on the degree to which superannuation fund expenditures were consistent with the sole purpose test.
It also comes as a survey undertaken by this publication, Super Review, confirmed that while most superannuation fund executives and trustees supported the Royal Commission into banking and financial services, many did not believe it should also scrutinise superannuation funds.
The Royal Commission documentation is understood to seek significant detail from the superannuation funds, a number of which have now sought advice about how they should approach the handling of the issue.
Receipt of the documentation has surprised many in the superannuation industry because it has come so quickly after the Government’s publication of the terms of reference via the letters patent for the Royal Commission.
AUTHOR
Mike Taylor
Recommended for you
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
With private asset valuations emerging as a key concern for both regulators and the broader market, Apollo Global Management has called on the corporate regulator to issue clear principles on valuation practices, including guidance on the disclosures it expects from market participants.
Institutional asset owners are largely rethinking their exposure to the US, with private markets increasingly being viewed as a strategic investment allocation, new research has shown.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
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(%)
