Published: August 14, 2018
Trail commissions are banned for new accounts, but Productivity Commission believes 636,000 super members are still subject to them
Colonial First State has admitted the entire reason some of its super funds generate vastly different returns for members has to do with the fees it charges.
The banking royal commission heard on Wednesday that executives from Colonial and Commonwealth Bank were “unhappy” earlier this year when the Australian published an article explaining why the returns of retail super funds linked to the big four banks were so low, compared to the returns of not-for-profit and union-linked industry funds.
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