ASIC rejects completely comments made today under parliamentary privilege by a former employee Mr James Wheeldon about ASIC’s granting of relief in relation to generic super fund calculators.

The matter involved ASIC’s granting of legal relief 10 years ago in relation to the use by super funds of generic online calculators. Such calculators are a common tool used by consumers to get an indication of the money they will have on retirement. Without such legal relief super funds would be unable to provide this useful consumer tool.

Mr Wheeldon, who spent nine months at ASIC in 2004, appeared before the Senate Economics References Committee and, under parliamentary privilege, made accusations about a number of ASIC staff, in relation to providing all super funds the ability to allow their members to use online calculators.

ASIC will make a full response to Mr Wheeldon’s allegations when it appears before the Senate Economics References committee on 10 April.