ASIC wants more of the super pie

Rollover notes that the still somewhat new chairman of the Australian Securities and Investments Commission, James Shipton, chose the recent Financial Services Council Leaders Summit in Melbourne to indicate the corporate watchdog wants a bigger piece of the superannuation pie.

In an address titled “The trust deficit in superannuation” the ASIC chairman outlined six areas which he said represented examples of conduct he believed were contributing to the trust deficit in superannuation.

Top of the list was taking advantage of consumer disengagement and lack of knowledge, followed by misleading promotions that prioritised misleading promotions that prioritised marketing over accurate disclosure and then generally poor treatment of consumers.

Seems Shipton’s comment should be interpreted as a precursor to ASIC getting more closely involved superannuation product distribution with more than a passing glance at insurance inside superannuation.