Australian super industry slammed by govt-backed report
A culture of opaqueness and underperformance prompts a government-led inquiry to recommend a radical overhaul of superannuation.
The bloodletting in Australia’s financial services industry was stepped up on Tuesday as banks, insurers and other providers of retail superannuation products came under fire in a new government-backed report.
The report, ‘Superannuation: Assessing Efficiency and Competitiveness’, published by the Productivity Commission (PC) after months of detailed analysis, slams the culture of underperformance and a lack of transparency in the management of super funds and the sale of related…
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