Bank superannuation funds should be kicked out of the superannuation industry altogether, according to the Queensland state secretary of the Construction, Forestry Mining and Energy Union (CFMEU), Michael Ravbar.

In a statement issued today, Ravbar said the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had delivered the lesson “that Australians would be better served if the banks – which are hopelessly conflicted in trying to balance the competing interests of shareholders and policy holders – were kicked out of superannuation altogether”.

“There track record is one of naked corporate self-interest and institutionalised theft,” he said.

Ravbar said that, at the very least, the board structure of the big banks needed to be remade so they were more reflective of customer interests and that the industry super fund model would be a good template to work from.