Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC looks into super performance disclosure

your-future-your-super/performance-test/tim-wilson/

2 November 2021
| By Jassmyn |
image
image image
expand image

The corporate watchdog is considering making a public statement about its monitoring of websites and other disclosures in relation to superannuation fund performance following the Your Future, Your Super performance test.

The former chair of the House of Representatives Standing Committee on Economics, Tim Wilson, asked the Australian Securities and Investments Commission (ASIC) a question on notice regarding whether it had investigated how long Industry Super Australia’s (ISA’s) had knowledge of LUCRF or Maritime Super’s underperformance.

“Has ASIC investigated whether Industry Super Australia has engaged in misleading or deceptive conduct in claiming their funds deliver ‘superior returns’ while some funds were underperforming? If not, why not?” Wilson asked.

ASIC said it had not investigated ISA’s knowledge of LUCRF or Maritime Super’s performance.

“We are not clear about what claims of ‘superior returns’ the question refers to and whether such claims relate to specific funds. We are not currently investigating ISA’s promotional campaigns about any ‘superior returns claims’ and, on the basis of the information provided in the question, we do not intend to do so,” ASIC said.

“However, ASIC is continuing to monitor website and other disclosures in relation to performance of funds across the superannuation industry following the outcome of the Your Future, Your Super performance test.

“This includes claims about the quality of fund performance. We will consider making a public statement about this work at the appropriate time.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

6 days 1 hour ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 week 6 days ago

So we are now underwriting criminal scams?...

6 months 2 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

1 week ago

Libby Roy has been appointed as an independent non-executive director on the board of AZ NGA....

4 weeks ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3