half a million inactive accounts containing few funds, it is estimated that it may collectively save its members around a year in what they would otherwise pay in fees and life insurance premiums. All members of ISA, as well as REST, Equipsuper and First State Super, have signed up to the deal. All inactive accounts containing less than are now automatically rolled into a central pool, managed by a specialist fund called AUSFund. If any active accounts exist for the member in question with any of the funds, the money in the inactive account is automatically transferred into that fund. Submissions and representations Since ISA’s inception, it has made submissions to government on a number of superannuation-related topics, including: The Murray Inquiry (2014) into Australia’s financial systems, with particular reference to superannuation The Cooper Review (2010) into the superannuation system and regulatory improvements The Senate Standing Committee on Community Affairs covering the proposed tightening of pension eligibility The Trowbridge Review into potential conflicted remuneration and its effect on life insurance advice The Parliamentary Joint Committee on Corporations and Financial Systems Inquiry The Senate Economics Legislation Committee (2013) review for streamlining the Future of Financial Advice Bill. Retail super funds The four major banks in Australia and other financial institutions own the majority of for-profit retail super funds. These owners of the retail funds have been lobbying federal governments for legislative changes to de-regulate the process traditionally used to nominate workplace default funds and make it easier for employers to adopt a bank-owned fund. In 2012, the Abbott government committed to opening up the default fund section system suggesting that doing so will generate greater competition. As at July 2018, the major retail super funds were: AMP Flexible Super Bendigo Smart Start Super (Bendigo Bank) BT Super For Life (Westpac) ING DIRECT Living Super (ING Australia). In December 2015, ING had AU$1.6 billion in super funds under management, with 34,000 active superannuation accounts in 2014. MLC Masterkey Super (National Australia Bank) Colonial First State (Commonwealth Bank) OnePath (ANZ Bank) Suncorp Everyday Super (Suncorp) Testimony at the Hayne Royal Commission highlighted the various actual and potential conflicts of interest that exist retail super funds are owned by banks: for example, when bank advisors are required to recommend the financial products of their bank to a member of the retail super fund, this may not be in the best interest of that member.