SCC welcomes funding injection from ASIC EU

2 August 2018
| By Hannah |
image
image
expand image

The Superannuation Consumers’ Centre (SCC) has welcomed a funding injection stemming from regulatory action, after ANZ and the Commonwealth Bank agreed to each pay $1.25 million to the group as part of an enforceable undertaking (EU) with the Australian Securities and Investments Commission (ASIC).

The funding would see the Centre, which sought to advance and protect the interests of low and middle-income super members, become fully operational for the first time.

SCC chair, Rod Stowe, said that it showed the benefits of EUs for consumers.

“It is fitting that this funding has become available through regulatory action on mis-selling of superannuation products,” he said.

“This is an excellent example of the way enforceable undertakings can improve consumer outcomes.  ASIC has ensured that the banks change their behaviour and consumers win through funding for a specialist organisation that will advocate for industry reforms to stop this kind of behaviour in the future.”

The EU followed a finding that the banks mis-sold superannuation products and would also see the two firms change how they sold super products.

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...

3 days 16 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....

3 days 16 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....

3 days 17 hours ago