There was a 323% increase in the number of reports of possible superannuation scams reported to the Australian Competition and Consumer Commission (ACCC) in the 12 months to October, last year, many but not all of them related to the Government’s hardships early release superannuation scheme.
The ACCC has told a Parliamentary Committee that its Scamwatch section had received 275 reports relating to superannuation in 2019 but this rose to 1,181 reports last year, albeit that the scams were “not necessarily related to the early release scheme”.
It said the main types of superannuation related scam report received in 2020 were:
The ACCC said that throughout COVID-19 several taskforces and working groups had been working on investigating and preventing fraud against the Commonwealth and that the ACCC had published a media release on superannuation scams and developed and distributed a superannuation early-access scams factsheet after consultation with the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA) and several banks.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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