Superannuation fund’s annual reports, compliance and complaints procedures will come under scrutiny by the Australian Securities and Investments Commission (ASIC) as part of a month long review.
Superannuation fund’s annual reports, compliance and complaints procedures will come under scrutiny by the Australian Securities and Investments Commission (ASIC) as part of a month long review.
ASIC national compliance manager Ann Exline Starr says the review has not been driven by any industry forces but rather the sheer scale of funds and clients in-volved.
“This is a newly regulated area by ASIC and with nine million people and over $47.3 billion of funds contributed in 1998 alone it is an important component of personal savings.”
“The National Compliance Unit’s responsibility will be for a campaign for industry and clients, on a proactive basis, which will be educative and not expressly looking for breaches in regulation.”
The compliance unit will examine if super funds are meeting their legal require-ments and if members are capable of understanding documents from the funds.
The unit will also report any irregularities to ASIC or to the Australian Prudential Regulation Authority (APRA) if further action is deemed necessary.
The review will involve on site visits with trustees and administrators in concert with APRA visits to minimise any disruptions to the super funds.
