The head of an inquiry into superannuation has called for the industry’s simplification, including easier to understand fee structures and fewer and larger industry funds.  The Federal Government’s super funds review is looking at the structure, operation and efficiency of Australia’s superannuation system.

The review’s chairman, Jeremy Cooper, has told ABC’s Inside Business he would prefer fee structures that are easier understand and compare.

But he says the Federal Government should not set fees and charges for funds as this would have unintended consequences.

“For example, if the Government said “superannuation can only cost a certain percentage per annum” what you’d find is the market would sit just below that percentage and would sort of cease to compete after that point,” Mr Cooper said.

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