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Vanguard has endorsed the current performance test methodology in a submission to Treasury, championing its effectiveness in eliminating underperforming investment options and improving member outcomes.
The Federal Court has imposed a $5 million penalty on OnePath Custodians for unlawfully deducting adviser service fees from members.
Of the 97 products to fail this year's superannuation performance test, 96 are trustee-directed products - 75% of which are issued by the same four trustees.
Australian Prudential Regulation Authority said only one default super fund failed its third annual performance test, but over 90 participant-chosen options fell short.
OnePath Custodians has been fined $1.46 million for failing to direct 125 member contributions to a MySuper product.