Not-for-profit sector says bank funds are offering 651 investment options each on average, yet returning less to investors

Superannuation funds owned by the major banks are “bamboozling” customers with hundreds of investment options, yet generating poorer returns than their not-for-profit rivals, according to a new report.

Industry Super Australia (ISA) says analysis shows bank-owned super funds are offering 651 investment options each on average, compared with the not-for-profit industry fund average of 16 options each. ISA is run by the not-for-profit superannuation sector.

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