9 out of 10 super funds investigated by ASIC were retail funds
Retail superannuation funds have been the main focus of the Australian Securities and Investments Commission (ASIC) over the past four years, with the regulator having completed 10 investigations, only one of which was of an industry fund.
This has been revealed by ASIC in an answer to a question on notice posed to ASIC chair, James Shipton, during a hearing of the Joint Parliamentary Committee on Corporations and Financial Services.
ASIC’s formal answer said the regulator had completed 10 investigations into superannuation funds since January 2015.
“Of these 10 investigations, nine were into retail funds, and one was into an industry fund,” it said.
“ASIC currently has an additional 13 investigations on foot into superannuation funds, nine into retail funds and four into industry funds.”
The ASIC answer said that an “investigation” meant a matter being handled by an appropriate ASIC Enforcement team and for which a s13 file note has been signed.
“However, this does not cover every regulatory inquiry made by ASIC in relation to superannuation since 2015,” it said. “ASIC also conducts investigations which might relate to superannuation funds, but which are not captured because the investigation is not into conduct by the trustee of the superannuation fund. This might include conduct by financial advisers or promoters.”
ASIC urged the committee to note that for one of the ‘current’ investigations into a retail fund, the investigation phase was completed but the matter was now the subject of litigation and not yet finalised.
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