Too many superannuation funds have put retiree savings at risk because they have not improved service standards in any real way since the federal government warned they were failing their members, a review conducted by the markets and financial services regulators has found.
The Australian Securities and Investments Commission and the Australian Prudential Regulation Authority are particularly concerned about the poor quality of support the country’s largest funds are providing because the number of people approaching retirement will surge over the next two decades.
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