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Colonial First State admits super fees result in vastly different returns
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Elkins has been appointed KPMG's national sector leader - asset and wealth management. She will join the firm effective August 5, taking over the leadership of the asset and wealth management practice from Howes on October 1. The superannuation sector is going through a period of great change and Linda is ideally placed to steer our practice through this, and further strengthen our client offerings," Howes said in a statement. Elkins said that now is the most important time for the superannuation and broader financial services industry to embrace transformation and focus on delivering outcomes to members and investors. In March, CFS appointed Peter Chun then general manager distribution and Kelly Power then general manager product as joint acting executive general managers. Linda inspires her colleagues with her passion, expertise, vast industry knowledge and wise judgement," Colonial First State Investments and Avanteos Investments chair Anne Ward said in a statement.
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. On Tuesday, CFS admitted to failing to move thousands of members from high-fee super funds into the low-fee MySuper regime by a government deadline , meaning it committed more than 15, offences. He then said the cash option had a noticeably lower return because it was being charged a 1. Hodge wondered if the story in the Australian prompted Colonial and CBA executives to ask themselves why they were paying trailing commissions to brokers for their cash product?
When you give your hard-earned money to a superannuation fund, you have the right to assume they will do the best possible job of managing those savings for your retirement. In , the royal commission into banking revealed unacceptable behaviour from big bank-owned super funds including boosting their revenues by ripping customers off with uncompetitive interest rates on their cash investments. We have commenced the first in a wave of class actions to help get victims of 'super cash rip-offs' their money back.