The conduct of most industry superannuation funds examined by the Royal Commission appear to have been given a pass mark.
Counsel assisting the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Michael Hodge QC used his opening statement to suggest that examination of the statements and documents provided by industry funds suggest they were less exposed than the retail fund sector.
He said that the Royal Commission had examined credit card and other statements relating to expenditures by industry superannuation executives and trustees as well as those relating to Industry Super Holdings.
Hodge said the Royal Commission would not be considering issues currently subject to legal action including those relating to the selling practices of BT/Westpac and an unfair dismissal case relating to AustralianSuper.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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