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.
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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