POWERED BY MOMENTUM MEDIA
Civil proceedings against Statewide Super on false or misleading charges
The Australian Securities and Investments Commission (ASIC) has for the second time in a month commenced civil penalty proceedings against a superannuation fund for false or misleading representations, this time against Statewide Superannuation.
In an announcement ASIC said the false or misleading representations were over insurance cover held by members of Statewide Superannuation Trust.
ASIC alleged that from May 2017 to June 2010 Statewide:
- Sent annual statements and warning letters to approximately 12,500 fund members, representing the held insurance cover at a time when those members did not have cover under a Statewide insurance policy; and
- Deducted monthly insurance premiums (worth a total of approximately $1,500,000) from superannuation accounts of certain Fund members when those members did not have cover under a Statewide insurance policy.
The corporate regulator said the fund breached its obligations as an Australian financial services license holder to act efficiently, honestly and fairly and to comply with financial services laws.
The fund, ASIC said, failed to report these breaches to ASIC within 10 business days.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
