'Red flag': ASIC puts poor-performing super funds on notice
Australian Securities and Investments Commission chairman James Shipton has warned poor performing super funds to lift their game, saying the regulator will view persistently low returns as a "red flag" that may indicate misconduct.
In a speech on Wednesday, Mr Shipton said the superannuation sector would be a key focus for the watchdog after the Hayne royal commission. Fund underperformance, poor quality financial advice, and the erosion of retirement savings due to life insurance premiums would come under close scrutiny, he warned.
Read more at The Age.