The standing of Industry Super Australia’s so-called “fox in the henhouse” advertisements will be examined by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Counsel assisting the Royal Commission, Michael Hodge QC specifically referenced in the advertisements in the context of the so-called sole purpose test under the Superannuation Industry (Supervision) Act.
In doing so, Hodge noted that questions around the advertising had already been raised by the Australian Prudential Regulation Authority (APRA).
The “fox in the henhouse” advertising was funded via Industry Super Australia on behalf of a number of its constituent industry superannuation funds and attacked bank-owned superannuation funds.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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