Original article by Michael Roddan
The Australian – Page: 17 & 24 : 26-Nov-18
The Productivity Commission claims that $1.8 billion in savings could be gained each year if Australia’s 50 highest-cost superannuation funds were forced to merge with the 10 lowest-cost funds. The Commission’s research indicates that around eight per cent of all superannuation accounts are "trapped" in funds that have high fees and generally underperform, while there are 93 funds with less than $1 billion in assets. Its figures come as the banking royal commission prepares to take the Australian Prudential Regulation Authority to task over its tardy oversight of the superannuation sector.
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AMP LIMITED – ASX AMP, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY