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 |
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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?