POWERED BY MOMENTUM MEDIA
We treat retail and industry funds equally says ASIC
The Australian Securities and Investments Commission (ASIC) has declared that it is agnostic with respect to how it treats industry and retail superannuation.
When asked whether a $12,500 penalty imposed on a retail superannuation fund would be similarly imposed on an industry fund, ASIC chair, James Shipton, declared that the regulator was agnostic with respect to the types of funds it was dealing with.
NSW Liberal back-bencher, Jason Falinksi had used a hearing of the Parliamentary Joint Committee on Corporations and Financial Services to ask whether ASIC had recently successfully fined a retail super fund $12,500 for advertising on Google AdWords, where if somebody put in the term 'industry superannuation' an ad came up for that fund.
Falinksi asked what power ASIC had used to impose the penalty and whether the regulator intended to impose it equally, across the board.
Shipton chose to take Falinksi’s questions on notice, but added, “... I want to take this opportunity to assure you that we take our obligations seriously with regard to enforcing the law across the board for any type. We are agnostic as to the type of superannuation fund and we are agnostic as to the label they may or may not attach to themselves. Our focus really is on trustee obligations, and that agnostic approach is our strategy”.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
