Systemic failure in super, says ASIC’s Sarah Court, as watchdog …

4 days ago · The regulator took the $94 billion construction industry fund Cbus to court on Tuesday over $20 million owed to bereaved members. ASIC deputy chair Sarah Court says …

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Systemic Failure In Super, Says ASIC’s Sarah Court, As Watchdog …

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4 days ago · The regulator took the $94 billion construction industry fund Cbus to court on Tuesday over $20 million owed to bereaved members. ASIC deputy chair Sarah Court says …

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ASIC’s Lawsuit Against Cbus Has Put The Big Super Funds On Notice

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3 days ago · Australia’s corporate watchdog – the Australian Securities and Investments Commission (ASIC) – has put our $3.9 trillion superannuation sector on notice, launching legal …

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ASIC Seeks $27m Fine From Federal Court Against AustralianSuper …

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Oct 8, 2024 · The corporate watchdog wants the Federal Court to fine AustralianSuper a record $27 million for allegedly breaking laws around customer care, calling for a penalty with “real …

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Mercer To Pay $11.3m Penalty In Landmark 'greenwashing' Case

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Aug 2, 2024 · ASIC’s deputy chair Sarah Court says the action against Mercer was the first greenwashing case it had brought before the Federal Court, describing it as “a landmark case …

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ASIC Sues For Members’ Lost $69m In Warning To Super Industry

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Sep 8, 2023 · The corporate watchdog is suing Australia’s biggest super fund over its failure to consolidate the accounts of more than 90,000 members, and warns that other funds are also …

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FAQs about Systemic failure in super, says ASIC’s Sarah Court, as watchdog … Coupon?

What are ASIC's enforcement priorities in the superannuation sector?

ASIC’s enforcement priorities in the superannuation sector in the coming year run along three key themes: member services failures; misleading conduct, including greenwashing; and failures to protect superannuation balances. ...

Did ASIC fail to identify members who have multiple AustralianSuper accounts?

ASIC alleged that for nearly 10 years, the super fund, failed to have adequate policies and procedures to identify members who held multiple AustralianSuper accounts and to merge those accounts where a merger was in the member’s best interests. ...

Will ASIC crack down on eroding balances in 2024?

Ms Court put the superannuation industry on notice that ASIC would ramp up its crackdown on misconduct by funds. She flagged that member service failures and offences relating to eroding balances would be key enforcement priorities for 2024. ...

What does ASIC expect from superannuation funds?

"ASIC expects that superannuation funds will put their members first and promptly address issues that cause members to face multiple sets of fees and insurance premiums," Court said. "We expect these issues to be identified and rectified quickly, including compensating members if a trustee has failed to comply with its obligations." ...

Is ASIC suing AustralianSuper?

ASIC is seeking declarations, pecuniary penalties and other orders against AustralianSuper. The date for the first case hearing is yet to be scheduled. AustralianSuper is the country's largest super fund, with more than 2.87 million members and $258 billion in member assets as at June 30, 2022. ...

Did ASIC report alleged misconduct in 2018?

But ASIC deputy chairwoman Sarah Court was concerned that despite self-identifying the alleged misconduct in 2018 and legal obligations to consolidate accounts taking force in 2013, AustralianSuper only reported the issue in 2021 and only rolled out remediation this year. ...