POWERED BY MOMENTUM MEDIA
Vigilance needed on suspicious super activity
The Association of Superannuation Funds of Australia (ASFA) has urged superannuation fund members to be alert to suspicious activity following the corporate regulator’s confirmation that it has received multiple referrals around scams and fraud relating to the early release of super scheme.
ASFA chief executive, Dr Martin Fahy, said: “It’s critical to protect your superannuation account details and to regularly check your balance, just as you would with an everyday bank account. It’s the best way to be alert to suspicious activity.
“ASIC has outlined the rising threat and identified the growing cases of cybercrime, fraud and identity theft specifically targeting super funds and their members in relation to the COVID-19 early release super scheme.”
ASFA also pointed to the Australian Securities and Investments Commission’s (ASIC’s) indication that there were continued law breaches by real estate agents encouraging tenants to access their super to meet rental payments and credit providers advising borrowers to use it to meet loan repayments.
“We encourage the authorities to prosecute these breaches to the full extent of the law and send a clear message to those preying on vulnerable members of the community,” he said.
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(%)
