The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence of Coal Industry Superannuation Fund (CISF) after its merger with AUSCOAL Super last year.
The cancellation came into effect in late December last year after CISF lodged an application with the corporate regulator requesting it to do so as per section 915B (3)(d) of the Corporations Act 2001.
Meanwhile, AUSCOAL Super announced it added a new financial adviser in Western Australia in December last year following the merger with CISF in July.
It comes as AUSCOAL Super added a WA Coal division, which includes the compulsory defined benefit scheme for coalminers in the state.
"The merger went smoothly and we're pleased to welcome our new WA Coal members to AUSCOAL Super," AUSCOAL CEO Bruce Watson said in a statement.
Fund members in WA can access a full-time adviser for their super enquiries.
AUSCOAL Super now has 76,000 members following the merger, while its funds under management stood at $8.4 billion as at 1 July 2014.
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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