The Australian Securities and Investments Commission (ASIC) has for the second time in a month commenced civil penalty proceedings against a superannuation fund for false or misleading representations, this time against Statewide Superannuation.
In an announcement ASIC said the false or misleading representations were over insurance cover held by members of Statewide Superannuation Trust.
ASIC alleged that from May 2017 to June 2010 Statewide:
The corporate regulator said the fund breached its obligations as an Australian financial services license holder to act efficiently, honestly and fairly and to comply with financial services laws.
The fund, ASIC said, failed to report these breaches to ASIC within 10 business days.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
Brighter Super is considerably scaling down the investment options it offers members in order to reduce costs.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
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