With just months to go before the introduction of the new choice of fund regime, the Australian Securities and Investments Commission (ASIC) in early April began its first action arising from the so-called ‘super switching’ campaign announced in December last year.
The super switching campaign involves monitoring the advice and disclosure provided by financial services representatives and ASIC. On April 1 it announced that a Hobart man, Brendan Moore, had appeared in the Magistrates Court charged with four counts of failing to provide a statement of advice (SOA) before switching his client’s superannuation funds.
Commenting on the commencement of proceedings, ASIC’s executive director of Enforcement, Jan Redfern said the regulator was acting to ensure consumers were provided with appropriate disclosures about the implications of switching funds.
“We will be vigilant in monitoring financial services providers and will take action if they fail to meet their significant obligations under the law,” she said.
