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Royal commission: Australia's superannuation industry lacks oversight

Planning your superannuation

Superannuation planning brochure Source: Getty Images

The banking royal commission has heard Australia's superannuation industry lacks oversight.


The commission is focusing on the industry during its current sittings in Melbourne.

The counsel assisting the royal commission, Michael Hodge, has told the hearing there's no dedicated overseeing body for superannuation-fund trustees.

He said trustees are obliged to act in the best interests of fund members but there are many temptations for them not to.


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