ASIC warns super trustees to be transparent in their underperformance communications to members
24 June 2022
ASIC has released the findings from its review of superannuation trustees’ communications with their members following the first annual performance test for MySuper products.
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Avanteos Investments penalised $1.7 million for defective disclosure statements
15 June 2022
Avanteos Investments Limited, a former subsidiary of the Commonwealth Bank, has been convicted and penalised $1,710,000 by the County Court of Victoria for failing to update defective disclosure statements to superannuation members.
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ASIC remakes relief on PDSs, superannuation dashboards and FSGs
14 June 2022
ASIC has remade and combined seven legislative instruments relating to specific financial services disclosure requirements.
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How to avoid ‘greenwashing’ for superannuation and managed funds
14 June 2022
ASIC has released information sheet to help trustees avoid ‘greenwashing’ when offering or promoting sustainability-related products. The publication will also assist trustees to provide investors with the information they should have to make informed decisions.
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Infringement notices issued to Maritime Super for member fee statements
27 April 2022
Maritime Super Pty Ltd has paid $26,640 to comply with two infringement notices issued by ASIC. The notices concerned alleged misleading statements made to members about Maritime’s investment partnership with Host-Plus Pty Ltd.
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Westpac penalised $113 million after multiple ASIC legal actions
22 April 2022
The Federal Court has ordered Westpac to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management and insurance brands.
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