ASIC calls on industry to improve oversight of Choice super performance and address issues
21 February 2024
ASIC has called out the risk to retirement outcomes for Australians holding their super in persistently underperforming options, and calls on trustees, financial advisers and advice licensees to focus on the performance of Choice investment options.
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ASIC temporarily extends relief from disclosure and reporting consistency obligations for super trustees
21 December 2023
A new instrument ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 continues the relief previously provided under ASIC Class Order [CO 14/541] which is due to expire on 1 January 2024.
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OnePath Custodians penalised $5 million for fees for no service misconduct
29 November 2023
The Federal Court has ordered OnePath Custodians Pty Ltd to pay a penalty for making false or misleading representations about its right to continue charging fees, and for failing to provide services to members efficiently, honestly and fairly due to its misleading conduct and by deducting fees when not entitled to do so.
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HESTA trustee pays infringement notices for misleading marketing
10 November 2023
ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material.
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ASIC takes civil penalty action against Telstra Super
6 November 2023
ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements.
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ASIC proposes to temporarily extend relief from disclosure and reporting consistency obligations for super trustee
6 November 2023
ASIC proposes to extend the exemption from the consistency obligations in ASIC Class Order [CO 14/541] for two years.
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