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Authorities have had enough of greenwashing excuses, and they’re lobbing record fines at transgressors. Funds will have to lift their game.
ASIC has launched civil proceedings against Australia’s biggest super fund over allegations it failed to consolidate the accounts of 90,000 members and continued to charge them fees.
The $14 billion industry fund is in hot water over allegations its member money is exposed to companies that should have been screened out and that it held on to Russian stocks despite saying it had dumped them.
Funds that have failed the Your Future Your Super performance test need to improve their communications on underperformance and product closure, according to ASIC.
One of Australia’s largest retail super funds will be hauled before the court over allegations it engaged in greenwashing of products in what will likely be a test case for the practice.
The CEO of AustralianSuper says the Morrison Government doesn’t get enough credit for introducing the YFYS reforms, and that funds need to stop arguing over its detail and get on with the business of performing against the benchmarks.
ASIC’s investigation into whether super funds took advantage of inside knowledge when switching investments in early 2020 has ended with the regulator taking no action. The drawn-out saga of ASIC’s investigation into alleged “insider trading” at super funds has come to a close, with the corporate regulator saying it will take no further action against…
ASIC’s investigation into claims of insider trading at super funds keeps getting bigger as the regulator tries to ensure that “trustees are not abusing their positions.” ASIC’s investigation into so-called insider trading at super funds had previously examined the switching behaviour of 67 trustees and executives, excluding all but four of them from its investigation…
While profit-to-member funds have been given the go-ahead to build reserves from new fees on members, Equity Trustees believes that fund shareholders should pony up instead. The issue of so-called “$12 trustees” has leapt to prominence in recent months as super funds flocked to courts to get the green light to build capital reserves through…
The Morrison Government has so-called “$12 trustees” in its crosshairs after they amended trust deeds to levy members for potential penalties. But APRA believes funds might collapse without them. The Morrison Government’s amendment to Section 56 of the SIS Act was intended to prevent super funds from paying penalties using member money, but – as…