ASIC takes action against RestBY JAMIE WILLIAMSON | TUESDAY, 2 MAR 2021 5:13PMThe corporate regulator has commenced civil proceedings against the industry superannuation fund for misleading members in relation to voluntary rollovers. Related News |
Editor's Choice
Superannuation assets inch to nearly $4.8tn
Total superannuation assets hit nearly $4.8 trillion in the last financial year, marking a 9% rise, namely driven by the rise of industry funds.
Australian instos inject $705m into Nuveen strategy
Brighter Super and JANA are among a group of Australian institutional investors who have injected $705 million into Nuveen's Arcmont Asset Management European direct lending strategy.
Macquarie names new wrap platform lead
Macquarie has appointed a new head of wrap platform after Michelle Weber stepped down from the role following a 13-year tenure at the company.
Invesco APAC head to retire
Invesco Asia Pacific chief Andrew Lo will retire from the global asset manager next March after 32 years with the firm, closing out more than three decades spent building its presence and partnerships across the region.
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Liza McDonald
HEAD OF RESPONSIBLE INVESTMENT
AWARE SUPER
AWARE SUPER
Liza McDonald would have you believe her path from a legal secretary to the head of responsible investment at Aware Super was a matter of good fortune. Her career says otherwise. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
So what is ASIC going to do? Impose a fine?
Then, who'll pay! (Not a question.)
there are other industry funds that have done the same thing
ASIC is acting in no ones interests by pursuing this case.
The government, together with its advisers (including the regulators) have created a massive conundrum for super funds with the separate processes for portability and choice of fund. Having a member empty (and close) their account only to have further contributions arrive the following week or month is administratively costly for funds that have to deal with this.
Legislation allowing members to make a full portability transfer without a corresponding choice of fund election has created this problem. To prosecute a fund for trying to manage this efficiently in the interests of all members is not justice.
Where is the mechanism for the super fund to reject these contributions to the ATO, where the member can then have them passed to their new fund?