ASIC finds super funds still charging fees for no service

Six years on from the Hayne royal commission, the Australian Securities and Investments Commission has found evidence that fee for no service charges remain a feature of the superannuation industry.

An ASIC investigation of 10 super funds with about 8 million members found they were collectively slugged $990.4 million in advice fees in the year to March 31, 2023. More than 300 members across seven of the funds had advice fees of more than $15,000 deducted from their accounts.