Nearly 100 of 800 investment options in the so-called “choice” market for superannuation failed the prudential regulator’s earnings and fees test.
Superannuation products belonging to financial services companies AMP and Insignia have been savaged by a new performance test assessing earnings and fees across the industry.
Nearly 100 investment options in the so-called “choice” market failed the prudential regulator’s expanded Your Future, Your Super, as did a fund for Citibank employees, a “socially responsible” account run by Australian Retirement Trust and the high-growth offering of an industry fund for meat workers.in the $3.5 trillion superannuation market.
Among the MySuper failures is an environmental, social, governance fund run by ART, the $260 billion amalgam of the old QSuper and Sunsuper. The option has 8500 members who chose it because of its socially responsible bent.“In the meantime, we have already made a range of changes to this option’s investment strategy and asset allocation which we believe will improve its performance,” she said.
Cruelty Free Super’s growth option also failed, as did several offerings by Islamic super fund Crescent Wealth, the Australian Meat Industry Superannuation Trust’s high-growth option and the “bonds plus” offering for Citibank employees. APRA said three-quarters of failed products were concentrated in offerings from four trustees owned by AMP and Insignia.
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