Big super funds to front royal commission

(Australian Associated Press)

 

Australia’s largest superannuation funds head a long list of players in the $2.6 trillion sector to be called before the financial services royal commission.

The two key regulators will also be grilled during the royal commission’s next public hearing, which begins in Melbourne on August 6.

More than a dozen entities will be examined including Australia’s largest superannuation fund AustralianSuper and biggest retail super manager AMP.

Both industry and for-profit funds feature in the case studies list released on Monday, while counsel assisting the commission will tender statements from others during the two-week hearing.

The commission said the hearing will focus on how regulated super funds fulfil their duties to members, including their structural and governance arrangements.

It will look at selling practices in relation to super and the relationship between trustees and financial advisers.

The inquiry will also examine the effectiveness of the regulators, the Australian Prudential Regulation Authority and Australian Securities and Investments Commission.

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