For some years now, we have seen an increasing focus on fees within the superannuation system. The Royal Commission and the Productivity Commission looked closely at fees, and ASIC’s implementation of RG 97 and the recent release of APRA’s MySuper heatmaps ensures that this enhanced focus will continue into the future. While there is no doubt that fees have an impact on member outcomes and the right level of focus needs to be maintained, have we missed a trick on the other side of the ledger? Early last year, APRA, in a letter to the industry, set out eight main...