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.
Read the media release
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.
Read the media release
Are you prepared for the Retirement Income Covenant?
April 2022
From 1 July 2022, superannuation trustees need to have a retirement income strategy and publish a summary on their website. This is an opportunity for trustees to reflect on how they can better help their members make the most of their superannuation in retirement. Jane Eccleston, Senior Executive Leader – Superannuation, ASIC writes.
Read the article
BT Funds Management penalised $20 million for incorrectly charging commissions for insurance in superannuation
8 April 2022
The Federal Court has ordered Westpac subsidiary and superannuation trustee, BT Funds Management Limited to pay a $20 million penalty for incorrectly charging commission payments to members of one of its superannuation funds.
Read the media release
Superannuation trustees strengthen governance practices following ASIC surveillance of investment switching
6 April 2022
Trustees in Australia’s superannuation industry have revised their internal policies and procedures after an ASIC surveillance found significant deficiencies in their conflicts management arrangements relating to investment switching.
Read the media release
ASIC extends relief for retirement estimates
30 March 2022
ASIC has extended the relief for superannuation trustees who give their members retirement estimates on a periodic statement.
The existing relief has been extended for a period of nine months. This will allow superannuation trustees to continue to use the relief when sending annual statements to members for the 2021-22 financial year.
Read the media release