Even in a sector where the community is notoriously disengaged, alarm bells should be ringing, and loudly. The retail super sector has been exposed by the financial services royal commission as far more corrupted and inimical to its customers' interests than even industry super funds claimed it was. Australians still with their funds in retail super should be urgently seeking to satisfy themselves that the extraordinary revelations of this week aren't also occurring in their own funds, or getting out.

Until the royal commission, an unbiased and informed observer would have been aware that the vertical integration model created major conflicts for both financial planners and retail funds themselves, that retail funds significantly underperformed corporate funds, industry funds and self-managed super funds, and -- if they were a long-term Crikey reader -- that there was disturbing evidence of an issue around related party transactions that had gone uninvestigated.