The country’s two largest for-profit retirement companies have accused the corporate regulator of disproportionately punishing retail funds after it sought lower penalties for an industry superannuation rival that had been found to have wrongfully collected millions of dollars in fees.

AMP chief executive Alexis George and Insignia Financial’s Scott Hartley said the Australian Securities and Investments Commission needed to apply the same penalties to retail and industry superannuation funds after the regulator agreed to a $27 million fine against AustralianSuper.