Six years on from the Hayne royal commission, the Australian Securities and Investments Commission has found evidence that fee for no service charges remain a feature of the superannuation industry.
An ASIC investigation of 10 super funds with about 8 million members found they were collectively slugged $990.4 million in advice fees in the year to March 31, 2023. More than 300 members across seven of the funds had advice fees of more than $15,000 deducted from their accounts.
Loading...
Michelle writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
