Kenneth Hayne, banking royal commissioner.

While the current focus in superannuation is on under-performance and its remedies, the issue of compensation should loom large for both industry and government in the aftermath of the banking royal commission and the Productivity Commission's default super report.

In cases where banks, AMP and retail super funds have broken the law and charged fees for no service or, in the case of AMP, charged dead people fees, full compensation is required and in many cases is underway, despite the best efforts of major institutions like NAB to devise reasons not to compensate for such theft. The final bill for this kind of compensation is still growing, into the billions. But there are other areas where major financial institutions have behaved appallingly and inflicted serious financial damage on their customers that will cost them hundreds of thousands of dollars in retirement.