Before COVID-19 ASIC was investigating mostly retail funds

ASIC/australian-securities-and-investments-commission/industry-funds/retail-funds/super-funds/superannuation-funds/karen-chester/APRA/australian-prudential-regulation-authority/

3 April 2020
| By Mike |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) is currently investigating three times as many retail funds as it is industry funds. 

Answering a question on notice from the Joint Parliamentary Committee on Corporations and Financial Services, ASIC deputy chair, Karen Chester said the regulator was pursuing 16 current investigations in relation to retail funds six of which had arisen either from Royal Commission case studies or referrals. 

She said that five current investigations were in relation to industry funds. 

The question was asked of ASIC in late February with the answer being noted by the Committee in late March. 

Both ASIC and the Australian Prudential Regulation Authority (APRA) have subsequently signalled a change in emphasis and have made clear to superannuation fund trustees that they must prioritise having sufficient liquidity to meet any demands arising from the Government’s hardship early access regime. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 6 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 3 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3