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ASIC reveals H1 super enforcement stats
ASIC has revealed the number of its enforcement outcomes that related to superannuation misconduct in the first half of 2023.
In a half-yearly update, the regulator said there were just three enforcement outcomes in the super space, two which were administrative and one that was criminal.
Looking at those that are still in progress as of 6 July, there are two criminal ones and nine civil actions.
Actions included the first interim stop order issued against Spaceship Super for failures related to DDO obligations, an infringement notice issued to Future Super for alleged greenwashing, and a review of four super trustees about their communications after failing the annual performance test.
There were also three separate reviews of superannuation trustee practices that called for improvements in several areas including transparency and disclosure obligations, handling member money, and communications.
Overall, the regulator issued $109 million in civil penalties over the six-month period and had criminal charges laid against 125 individuals. There were 19 individuals who were disqualified or removed from directing companies and 46 were banned or suspended from providing financial services or engaging in credit activities.
ASIC deputy chair, Sarah Court, said: “Promoting market integrity and addressing misconduct that places consumers and investors at risk are enduring priorities for ASIC. Our commitment to insider trading and market manipulation deterrence continues, and we expect further action for related misconduct in the coming months.”
ASIC said it will continue to have “strong, targeted enforcement action” over the coming six months in an effort to focus on protecting consumers from harm and upholding market integrity.
Commissioner, Danielle Press, added: “It shouldn’t take an ASIC review for super trustees to comply with the law. We are concerned about some of the failures uncovered and are considering other regulatory action for more serious concerns.”
In October to December 2023, ASIC will remake a class order CO 14/541 that provides relief from compliance of the SIS Act and sunsets on 1 January 2024.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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