Before COVID-19 ASIC was investigating mostly retail funds

3 April 2020

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. 

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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. 

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How about investigating Industry Funds Index options that return nowhere near their target index???? Transparency would be wonderful !!!!!!

More proof ASIC are chummy with Industry Funds. No doubt Advisers will be to blame, and ASIC can get on with regulating Australia into a recession (or depression now).

We all know ASIC is corrupt and biased when it comes to their pets and bedroom buds, ISA and unionised super.

Have a look at who they chose above the Gov's solid CSS to be their employer choice fund!! Wondering if it was the first class flight tickets or the footy corporate box tickets that got that industry super over the line with them?

Also "Hedware" & "Ethical" have all been superbly quiet during the very public media advised failings of industry funds - where are you now boys?

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