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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
    Bronte Capital bends short books to Aussie ‘crooks’

    Bronte Capital CEO John Hempton believes the ASX is a target-rich environment for short sellers, and that a potentially imminent “post-bubble environment” will bring better days for the fund. It’s been a tough few years for Bronte Capital, which – like many other hedge funds – has suffered from a period of pretty lacklustre returns…

    Lachlan Maddock | 14th Jan 2022 | More
  • ASIC narrows super ‘insider trading’ investigation

    ASIC’s investigation into potential “insider trading” at a number of superannuation funds appears to be approaching its end – but the issue seems far from settled. Accusations of “insider trading” at some of Australia’s largest super funds were first made by Liberal MP Tim Wilson, who accused unnamed executives and employees of switching from investment…

    Lachlan Maddock | 6th Jan 2022 | More
    Regulator finds insto trading lessons from ASX outage

    The Australian financial regulator has urged institutional investors trading on the ASX to better prepare for future market blackouts in the wake of a meltdown on the exchange last November. In a new report charting a series of ASX operational incidents during the week starting November 16 last year, ASIC (chaired by Joe Longo, pictured)…

    David Chaplin | 26th Nov 2021 | More