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ASIC's own super: we want it big

Jan 18, 2019 - Australian Financial Review

The Australian Securities and Investments Commission is tendering for a new default superannuation provider, but will only consider bids from funds with $10 billion-plus to shield its employees from lousy returns.

Of the 92 super providers that offer products eligible to receive default contributions, only 28 are estimated to meet ASIC's size requirement.

In other words, about two-thirds of the MySuper products on the market have been deemed unsuitable to host ASIC's default members ...