Superannuation funds facing into tougher times and volatile markets have been warned they cannot seek to survive at the expense of their members.
More than half of 220 underperforming choice superannuation funds identified by APRA have now exited or about to exit.
Analysis of the APRA superannuation performance test has revealed 10 more funds are likely to fail with around 7 of those having previously failed.
Around 20% of choice superannuation products will be at risk of failing the superannuation performance test, according to SuperRatings.
Superannuation funds which failed last year’s super performance test have been placed on notice by APRA if a second fail occurs.