Fund Regulatory Update

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ASIC review of super trustees performance during pandemic overall positive

The Australian Securities and Investments Commission (ASIC) has published its review of the Australian superannuation industry during the COVID-19 pandemic. ASIC took several actions to check on support being provided by superannuation fund trustees to their members, including communications.

Key findings include:

  • Most funds showed positive outcomes but some funds didn’t provide accurate information to members

  • Trustees were quick to resolve any identified issues regarding COVID communications

  • Intra-fund advice was consistent with previous assessments

  • Most websites contained accurate information

  • The risk of misinformation rose in relation to projection tools and insurance in superannuation

  • No funds were identified giving inappropriate advice via intra-fund advice to discourage members from using the Early Release of Super scheme

  • Some life insurance assessments found non-compliance, no serious breaches were found with customer detriment