Speaking to media, ASIC deputy chair Karen Chester said that the recent proceedings brought against REST and Statewide were just the beginning of its “now-mature pipeline of non-royal commission–related superannuation litigation”.
“The broad misconduct themes are trustee competence and oversight, complaints handling processes and mischarging fees. And the metrics of harm are known to us all,” Ms Chester said.
ASIC now has eight matters in litigation, two briefs of evidence in support of criminal charges with the Commonwealth Director of Public Prosecutions, more than 20 enforcement investigations underway, and multiple surveillances about potential super trustee misconduct ongoing following “12 months of behind-the-scenes strategy, surveillance and investigation”.
This is just a token fine only due to the current parliamentary inquiry, and the ASIC world will go back to their normal biases later on. look at the RC ASIC admitted they had not done one investigation into industry funds… How many industry funds block clients from paying external advisers this is restriction to access of advice
So in the case of Hostplus wondering if telling people for many year they only pay $1.50 a month, if that is misleading…or deceptive? or how about advertising the fund returning 14%, for a time period totally outdated, is that misleading…or deceptive? What about the actions of the Hostplus “retention team” paid salaries and bonuses to retain as much FUM as possible. Could that behaviour be misleading or deceptive.
Secondly would the penalties be equivalent to what Dover faced?
Wow, so is HOSTPLUS finally going to get sorted out???? Very curious that the removal of Shipton coincides with all the action against ISA type funds? Was he holding this back to cover his mates?
Will be very interesting to see.
Interesting. Tip of the iceberg?
Why has it taken ASIC so long to look proactively at Industry funds ???? These funds have had the freedom to make returns look better ( forget risk factors) by comparing apples with oranges – balanced funds with 70-80 growth etcetc
Think you can finally thank the LNP (Hume/Wilson et al) for forcing this via the superannuation review and parliamentary enquiry where they finally have ISA and ASIC under the spotlight
However, will be very very interesting the ratio of actions against industry/union funds versus retail funds that they pursue.
I am betting they’re still weighed heavily in favour of their Labor-funding mates.
And yet the best the RC could come up with was about advertising. Strange.
Amazing work at the RC
RC said nothing to see here with industry funds and their intra fund product information (aka intra fund advice which is misleading) so move right along and get back to those pesky retail funds…
The RC made very few investigations. It just demanded everyone to confess to their sins and then made a spectacle out of them. Much of it was well-deserved but the remedies suggested – much more red tape while paying lip service to reducing regulations – were appalling.
A very succinct and accurate assessment of the RC.