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Monday, 6 Aug 2018
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The Biggest Rort In The Industry

Superannuation funds are up in front of the financial services Royal commission today having been asked to reveal their entire fee and cost structures for the first time. It is a two-week examination of the sector. They have been asked for five years worth of fees and expenses and the reasons for any changes in charging levels, and what services fund members received in return. Bank-­controlled retail funds will this week be criticised for charging high fees and delivering low ­returns. Someone quoted the statistic this morning that there is $2.7 trillion in Super and since compulsory Super came in there have been $700bn in fees paid out of superannuant contributions. On top of the super fees the Royal Commission is also asking for information on the commissions

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