POWERED BY MOMENTUM MEDIA
Maritime Super penalised for misleading statements
Maritime Super has paid $26,640 to comply with infringements related to misleading statements made about its investment partnership with Hostplus.
The fund, which entered into an investment partnership with Hostplus in April 2021, had told members that this would result in reduced overall investment management fees for members.
However, the Australian Securities and Investment Commission (ASIC) said it was concerned as it actually resulted in increased investment costs for 77% of Maritime members and higher fees for six of its 11 investment options.
Sarah Court, ASIC deputy chair, said: “The superannuation industry is going through a period of consolidation and change. As such, it is crucial that consumers and fund members are provided accurate information so that they can make informed decisions about their super. In this case, we were concerned that Maritime members may have been misled by the communications about fees.’
“ASIC has a number of regulatory tools to address alleged misconduct where we are concerned that consumer harm may occur, including the issuing of infringement notices.”
Maritime paid the two infringement notice penalties on 22 April, 2022 and issued a corrective disclosure to members last August.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment