The banking royal commission shone its spotlight on super last week, uncovering shocking behaviour from bank-owned funds and effectively excusing industry funds. Here’s what we’ve learnt so far from week one of the inquiry’s look at super.
While Australia’s superannuation system is regarded as one of the best in the world, it may be in for a shock as the banking royal commission puts the $2.6 trillion industry under the microscope next week.
The Commonwealth Bank of Australia will make superannuation and pension fund members foot the $80 million bill for its regulatory compliance, in a fee grab described by Financial Services Minister Kelly O’Dwyer as an “out-and-out gouge”.
The banking royal commission takes it first major scalp, hears shocking admissions of the dead being charged for financial advice, and the Government reacts, announcing tough financial and criminal penalties.
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