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.