POWERED BY MOMENTUM MEDIA
ASIC working on member reserve rules
Superannuation funds can expect firm guidance from the Australian Securities and Investment Commission (ASIC) about when and in what circumstances they can use the member reserve to pay fines.
ASIC Commissioner, Danielle Press has told Senate Estimates that the regulator was continuing to work on the issue in circumstances where it represented a complex area of law.
Answering questions form NSW Liberal Senator and former Financial Services Council (FSC) policy adviser, Andrew Bragg, Press said the regulator was continuing to work on the use of reserves “around what can and can’t be paid out of reserves and how the disclosure should be made”.
Senator Bragg referenced issues raised in Senate Estimates last year and, in particular, a fine imposed on Hostplus and the manner in which it was paid.
Press acknowledged the length of time being taken by ASIC to deal with the issue and, while pointing to the complexity, said that if fines were paid from member reserves she would expect that members would be appropriately notified.
Recommended for you
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
ASIC chair Joe Longo has delivered a blunt warning to superannuation trustees, cautioning that board-level ignorance of member complaints and internal failings will not be tolerated and could trigger enforcement action.
ART has cautioned regulators against imposing overlapping obligations on superannuation funds already operating under APRA’s comprehensive framework, saying that additional oversight should be “carefully targeted to address potential gaps in other parts of the market”.
The super fund has appointed Simone Van Veen as chief member officer.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
