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Arrogance all round. The banks and retail super funds copped their whack last year. I'm not defending AMP.What really bothered me however, were the industry funds sailing through with no scrutiny whatsoever. HOSTPLUS, amongst a few others, were whacking the majority of their members in a High Growth, illiquid portfolio, labelling it as 'Balanced' and then spending member funds telling the world how great their returns are, and how you'll end up with more money in retirement if you choose them. Comparing their twisted version of 'Balanced', with a retail fund version of Balanced, two very different portfolios. Many financial advisers tried to raise some of these issues last year, and Hayne ignored them.
Arrogance all round. The banks and retail super funds copped their whack last year. I'm not defending AMP.
What really bothered me however, were the industry funds sailing through with no scrutiny whatsoever. HOSTPLUS, amongst a few others, were whacking the majority of their members in a High Growth, illiquid portfolio, labelling it as 'Balanced' and then spending member funds telling the world how great their returns are, and how you'll end up with more money in retirement if you choose them. Comparing their twisted version of 'Balanced', with a retail fund version of Balanced, two very different portfolios.
Many financial advisers tried to raise some of these issues last year, and Hayne ignored them.
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