The Australian Securities and Investments Commission (ASIC) has signalled that it will be visiting individual superannuation fund trustees over coming months to gain a better appreciation of how Australian superannuation funds are operating.
The regulator’s intentions were announced at the Conference of Major Superannuation Funds on the Gold Coast, where ASIC’s senior executive leader, super funds, Louise du Pre Alba, said trustees did not need to be concerned about the visits, which were essentially part of a profiling exercise.
However, she said now was the time for superannuation fund trustees to be talking to their members about the global financial crisis and the manner in which this was impacting returns.
As well, she warned trustees that they were likely to see increasing levels of complaints from members about the manner in which funds had handled their affairs.
We have received more complaints generally about the global financial crisis and the negative investment earnings,” du Pre Alba said.
She warned trustees that the complaints would not necessarily be directly about adverse investment returns but would refer to factors such as inappropriate advice.
“It is in this environment that you will find all the compliance decisions you have made being subject to intense scrutiny,” du Pre Alba said.
