There was a 323% increase in the number of reports of possible superannuation scams reported to the Australian Competition and Consumer Commission (ACCC) in the 12 months to October, last year, many but not all of them related to the Government’s hardships early release superannuation scheme.
The ACCC has told a Parliamentary Committee that its Scamwatch section had received 275 reports relating to superannuation in 2019 but this rose to 1,181 reports last year, albeit that the scams were “not necessarily related to the early release scheme”.
It said the main types of superannuation related scam report received in 2020 were:
The ACCC said that throughout COVID-19 several taskforces and working groups had been working on investigating and preventing fraud against the Commonwealth and that the ACCC had published a media release on superannuation scams and developed and distributed a superannuation early-access scams factsheet after consultation with the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA) and several banks.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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