Fund licence cancelled following merger

8 January 2015
| By Malavika Santhebennur |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence of Coal Industry Superannuation Fund (CISF) after its merger with AUSCOAL Super last year. 

The cancellation came into effect in late December last year after CISF lodged an application with the corporate regulator requesting it to do so as per section 915B (3)(d) of the Corporations Act 2001. 

Meanwhile, AUSCOAL Super announced it added a new financial adviser in Western Australia in December last year following the merger with CISF in July. 

It comes as AUSCOAL Super added a WA Coal division, which includes the compulsory defined benefit scheme for coalminers in the state. 

"The merger went smoothly and we're pleased to welcome our new WA Coal members to AUSCOAL Super," AUSCOAL CEO Bruce Watson said in a statement. 

Fund members in WA can access a full-time adviser for their super enquiries. 

AUSCOAL Super now has 76,000 members following the merger, while its funds under management stood at $8.4 billion as at 1 July 2014.

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. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months 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 ...

1 year 3 months ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

15 hours 57 minutes ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

15 hours 59 minutes ago

Australian superannuation funds are grappling with heightened global instability, as US policy shifts create a volatile backdrop for investment strategies....

16 hours ago

TOP PERFORMING FUNDS