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Scrutiny urged on ERFs
Industry funds have claimed that too many eligible rollover funds (ERFs) are failing to provide appropriate investment returns.
Following on from the recent choice of superannuation fund advertising campaign mounted by industry funds last year, Industry Fund Services (IFS) last month claimed that research conducted by consultancies and SuperRatings had shown that most ERFs were not effectively serving the interests of their members.
The findings have prompted the chief executive of SuperRatings, , to suggest that the AustralianPrudential Regulation Authority immediately review ERFs.
According to the research, only one of the 14 registered ERFs surveyed provided strong investment returns combined with low fees and a genuine service aimed at reuniting people with their unclaimed superannuation money.
AUTHOR
Mike Taylor
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