Finance: Finance Companies and Sector

finance: Over the same period of time the amount managed by the retail sector, which is run for-profit by big banks and other finance companies, grew by a miserly 0.51%, or just 3.2bn, according to The Guardian. The last thing anyone needs is industry super acting like retail funds and now we have proof Greg Jericho Read more Industry funds have reported receiving a flood of fresh cash following the Hayne royal commission, which exposed widespread misconduct by the banks that included charging fees to dead people, ripping off super customers by paying them sub-par returns and failing to move them to cheaper investment options. Statistics released by the prudential regulator on Wednesday show the amount of money looked after by industry funds, which are jointly run by employers and unions, surged by 87.3bn, or 13.8%, in the year to the end of June. Banks now face compensation bills widely tipped to total more than 2bn and further reputational and financial damage from a series of lawsuits lodged by the corporate regulator. In one major disappointment for the industry sector's critics, the royal commission decided not to call witnesses from CBus, which is linked to the militant construction union. The not-for-profit sector, long targeted by the government over its links to the union movement, escaped last year's hearings largely unscathed, although hospitality sector fund Hostplus was criticised for its lavish spending on entertainment for employers that included tickets to AFL games and the Australian Open tennis. (news.financializer.com). As reported in the news.