ASIC working on member reserve rules

17 March 2020
| By Mike |
image
image
expand image

Superannuation funds can expect firm guidance from the Australian Securities and Investment Commission (ASIC) about when and in what circumstances they can use the member reserve to pay fines. 

ASIC Commissioner, Danielle Press has told Senate Estimates that the regulator was continuing to work on the issue in circumstances where it represented a complex area of law. 

Answering questions form NSW Liberal Senator and former Financial Services Council (FSC) policy adviser, Andrew Bragg, Press said the regulator was continuing to work on the use of reserves “around what can and can’t be paid out of reserves and how the disclosure should be made”. 

Senator Bragg referenced issues raised in Senate Estimates last year and, in particular, a fine imposed on Hostplus and the manner in which it was paid. 

Press acknowledged the length of time being taken by ASIC to deal with the issue and, while pointing to the complexity, said that if fines were paid from member reserves she would expect that members would be appropriately notified. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 6 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 6 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 7 hours ago