Super funds face scrutiny

THE $2.6 trillion superannuation industry will be taken to task by a royal commission over whether funds act in the best interests of Australians when managing their retirement savings.

Australia’s largest super funds will be called before a two-week financial services royal commission hearing that begins in Melbourne today.

The Australian Securities and Investments Commission has already warned the industry it faces “a trust deficit” and must fix conduct that leads to unacceptably poor member outcomes in super, such as poor financial advice.