Hi Mike,
This is a very complicated issue. So many issues have been left behind and missed that this will further distance the opportunity of people ever raising old subjects.
As an example, years ago in commenting on one of Money Managements articles, I suggested the following in an attempt to raise awareness to the benefits that so many super members had lost by taking the advertised “advice” of the industry funds, to simply swing thieir fund values over to their control because they had promised the Earth.
What I am alluding to here is the lost risk benefits, and I suggested back in about 2013:
Let us request a simple test that would be an example of what may result or in fact has already resulted from certain practices where it has been advised not to seek advice. Further, “intra-fund advice” may be biased as it is to be provided by a party (a trustee or employee) who is employed to bring members in :
1. Request each Fund that has advised people to roll their existing benefits in without advice or minimal “advice”, to provide a list of all members who recently joined and rolled in their benefits in to these Funds, to provide the following information:
2. List the members who moved their “membership” into these funds during the period of their “escalator” adverts, who have since died or become disabled.
3. Establish if they rolled their risk benefits from their previous funds.
4. Establish whether these members were warned of their potential loss of risk benefits that they had previously gained when they were insurable or through automatic acceptances.
5. Ask the dependents of these deceased members whether these members were made aware that they had forgone their benefits from their previous funds.
6. Ask the members who have since been disabled whether they were aware that they had forgone benefits from their previous funds.
7. Then ask each of the previous fund trustees what life, Tpd and Salary continuance benefits were in place under the old funds immediately prior to the transfers.
8. Establish whether these members and their beneficiaries were in a worse position after the transfers (in order to keep this test simple, leave out the fund balances or asset values in this exercise).
9. Appoint a firm of solicitors for a class action by the widows, widowers and orphans.

Regards,
Jossel