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With greenwashing on ASIC’s radar, funds must practice what they preach

Authorities have had enough of greenwashing excuses, and they’re lobbing record fines at transgressors. Funds will have to lift their game.

Tahn Sharpe | 4th Oct 2024 | More
AustralianSuper headed to court over multiple accounts fiasco

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.

Staff Writer | 8th Sep 2023 | More
Active Super hit in ASIC’s greenwashing crackdown

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.

Lachlan Maddock | 11th Aug 2023 | More
  • ASIC warns of industry weakness on performance test communications

    Funds that have failed the Your Future Your Super performance test need to improve their communications on underperformance and product closure, according to ASIC.

    Staff Writer | 12th Apr 2023 | More
    Mercer Super in the gun for greenwashing

    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.

    Staff Writer | 1st Mar 2023 | More
    ‘Tremendous positive change’: Paul Schroder says yes to the test

    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.

    Lachlan Maddock | 4th Nov 2022 | More
  • ASIC dumps super ‘insider trading’ probe

    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…

    Lachlan Maddock | 6th Apr 2022 | More
    ASIC ups ante on super ‘insider trading’

    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…

    Lachlan Maddock | 16th Feb 2022 | More
  • Big super needs capital requirements: Equity Trustees

    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…

    Lachlan Maddock | 16th Feb 2022 | More
    Super war chests, ‘$12 trustees’ under fire

    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…

    Lachlan Maddock | 11th Feb 2022 | More
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