Business
Underperforming super funds to be named and shamed with new comparison tool – Sydney Morning Herald
The government will require super funds to take an annual performance test and will launch an online comparison tool to help Australians choose their fund.
The funds will also be subject to a new requirement ensuring they act in the best financial interest of their members in a bid to improve accountability and transparency.
Liberal Senator Andrew Bragg, a vocal critic of the super funds, recommended in his book Bad Egg that there should be measures to improve transparency, including disclosing payments to unions and related financial institutions in annual reports and online.
Senator Bragg recently criticised the Australian Prudential Regulation…
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