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:
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.
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.