POWERED BY MOMENTUM MEDIA
Maritime Super penalised for misleading statements
Maritime Super has paid $26,640 to comply with infringements related to misleading statements made about its investment partnership with Hostplus.
The fund, which entered into an investment partnership with Hostplus in April 2021, had told members that this would result in reduced overall investment management fees for members.
However, the Australian Securities and Investment Commission (ASIC) said it was concerned as it actually resulted in increased investment costs for 77% of Maritime members and higher fees for six of its 11 investment options.
Sarah Court, ASIC deputy chair, said: “The superannuation industry is going through a period of consolidation and change. As such, it is crucial that consumers and fund members are provided accurate information so that they can make informed decisions about their super. In this case, we were concerned that Maritime members may have been misled by the communications about fees.’
“ASIC has a number of regulatory tools to address alleged misconduct where we are concerned that consumer harm may occur, including the issuing of infringement notices.”
Maritime paid the two infringement notice penalties on 22 April, 2022 and issued a corrective disclosure to members last August.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
