The Australian Securities and Investments Commission (ASIC) has admitted it is not necessarily going to be aware of the transmission of money between industry superannuation funds and trade unions.
Answering questions from Tasmanian Liberal Senator David Bushby during Senate Estimates, ASIC senior executive leader, Investment Managers and Superannuation, Ged Fitzpatrick acknowledged the regulatory blind spot.
ASIC’s response to Bushby’s question stated: “ASIC would generally only become aware of whether trade unions receive money from superannuation funds as a result of public disclosures that a trustee may make”.
“There is no specific requirement to notify ASIC if a payment is made to a union,” the answer said.
However, the ASIC answer to the question also noted that the regulator currently had a project underway looking at Employers and Superannuation.
“Notice has been served on 47 trustees, asking questions about their relationship with employers and how those relationships were formed (for example, through advisers or other third parties),” the regulator said.
“ASIC is interested in incentives offered, advice provided as well as disclosures made to employers,” it said.
