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
Future Group to internalise super trustee structure
Future Group is acquiring WTW's superannuation licensed entity, Stewarda, to establish trustee capabilities in house.
Natixis names chief executive for Mirova
Natixis Investment Managers has promoted an executive from another affiliate to succeed the outgoing chief executive of Mirova, Philippe Zaouati, effective July 1.
ASIC calls out platform trustees: 'Clear breach of trust'
ASIC has called out superannuation trustees for not doing enough to protect retirement savings of Australians on platforms even after repeated warnings from regulators about the dangers of poor oversight.
HMC Capital wins $1.3bn private credit insto mandate
HMC Capital has won two global institutional mandates of $1.35 billion for its private credit strategy in Australian commercial real estate (CRE) lending.
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
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
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?