POWERED BY MOMENTUM MEDIA
Early release probe continues
Both the Australian Securitiesand Investments Commission (ASIC) and the are continuing investigations into alleged early release superannuation arrangements involving two Sydney men said to be operating an unlicensed financial services business.
ASIC announced it had obtained consent orders in the NSW Supreme Court against , also known as or .
It said it would alleged that Hafoka was involved in the operation of an unlicensed financial services business in Sydney that offered people early access to their superannuation funds via .
The court ordered Hafoka be restrained from leaving Australia or coming within 100 metres of a point of departure. The orders also prevent Hafoka from providing financial services, dealing or disposing of any assets held on behalf of Kassongo Superannuation Fund and dealing with or disposing of any money he may hold, except for the payment of ordinary living expenses and legal fees.
Hafoka has been joined to ASIC’s proceedings against . The regulator obtained consent orders against Kassongo in early January.
AUTHOR
Mike Taylor
Recommended for you
The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
Super balances have continued to rise in August, with research showing Australian funds have maintained strong momentum, delivering steady gains for members.
Australian Retirement Trust and State Street Investment Management have entered a partnership to deliver global investment insights and practice strategies to Australian advisers.
CPA Australia is pressing the federal government to impose stricter rules on the naming and marketing of managed investment and superannuation products that claim to be “sustainable”, “ethical”, or “responsible”, warning that vague or untested claims are leaving investors exposed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
