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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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