Royal Commission

The news, analysis and insights into the fifth round of public hearings covering superannuation

As It Happened

AMP trustee admits ‘it’s not a perfect system’

Commissioner Kenneth Hayne has questioned whether the trustee overseeing AMP’s various super funds can fulfil its obligations to members.
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ANZ flouted own, regulator’s warnings on coupling products

Back in 2011, ANZ had identified an “extreme” risk in using its retail network to sell wealth products, yet the practice continued.
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Hayne grills Catholic Super over failed merger

Details of a scuttled tie-up of Catholic funds and conflicts of interest at CSF emerged during the latest hearings of the Hayne inquiry.
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CFS misled members after MySuper transfer bungle

Colonial First State (CFS) exec Linda Elkins admits it wrote misleading communications to its members.
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Hostplus should be ‘10 times the size of AMP’: CEO

Hostplus chief David Elia passionately defended the fund's marketing and entertainment budget, saying top returns aren't enough to compete.
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NAB withheld information to avoid media fallout: commission

NAB top brass knew the compensation that was likely to be paid to members in an overcharging scandal, but withheld that data from ASIC.
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Equip Super insists on ‘rigorous’ trustee selection process

Equip Super's chair says it insists on completing a "rigorous" trustee selection process, even when it causes a merger deal to fall through.
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Assisting indigenous Australians no extra burden: QSuper

QSuper's Lyn Melcer's trip to remote indigenous communities showed her "equal isn’t the same for everybody".
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IOOF relied on member inertia, conflicted financial advisers

IOOF chief executive Chris Kelaher was confident when fronting the Hayne royal commission on Friday afternoon.
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AustralianSuper CEO Ian Silk defends donation to ad campaign

AustralianSuper's Ian Silk says the fund's donation to an ad campaign and investment in a news service were in members' best interests.
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NAB trustee prioritises bank over customers: counsel

Counsel assisting Michael Hodge has proposed that NAB trustee NULIS Nominees failed in its duty to act in the best interests of members.
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NAB questioned over timeframe for MySuper transfer

NAB trustee NULIS Nominees has rejected claims that it lagged on MySuper transfer to keep more of its members in products with higher fees.
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NAB may face more payments over ‘plan service fee’

NAB's wealth management arm might be on the hook for another round of compensation payments.
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Super system ‘behind closed doors’: counsel

Counsel assisting Michael Hodge, QC described a lack of transparency in the super sector in his royal commission opening address.
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NAB didn’t properly advise on fees, royal commission hears

Members of an MLC super fund who paid a plan for service fee were not clearly informed of less-costly options, the Hayne inquiry has heard.
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Hayne inquiry’s scrutiny of super system begins

NAB officials are among the first in line at hearings expected to examine the multibillion-dollar industry in unprecedented detail.
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Opinion

Royal commission shines light on super’s ‘internal workings’

QMV superannuation lawyer Jonathan Steffanoni says the sector should take away a heightened awareness of the nature of its responsibilities.
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Superannuation sector has a bad case of TMI

The inquiry's understandable focus on fees has kept attention away from the deluge of unhelpful disclosure super funds give consumers.
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Two regulators are enough – perhaps more than enough

Outrage has spread about APRA’s apparent lack of action against underperforming funds but that doesn’t mean a new regulator is a good idea.
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Royal commission turns attention to super industry
Accountability and access will be hot topics as the inquiry that punished the banking sector starts in on superannuation funds.

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