The conduct of most industry superannuation funds examined by the Royal Commission appear to have been given a pass mark.
Counsel assisting the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Michael Hodge QC used his opening statement to suggest that examination of the statements and documents provided by industry funds suggest they were less exposed than the retail fund sector.
He said that the Royal Commission had examined credit card and other statements relating to expenditures by industry superannuation executives and trustees as well as those relating to Industry Super Holdings.
Hodge said the Royal Commission would not be considering issues currently subject to legal action including those relating to the selling practices of BT/Westpac and an unfair dismissal case relating to AustralianSuper.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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