POWERED BY MOMENTUM MEDIA
SCC welcomes funding injection from ASIC EU
The Superannuation Consumers’ Centre (SCC) has welcomed a funding injection stemming from regulatory action, after ANZ and the Commonwealth Bank agreed to each pay $1.25 million to the group as part of an enforceable undertaking (EU) with the Australian Securities and Investments Commission (ASIC).
The funding would see the Centre, which sought to advance and protect the interests of low and middle-income super members, become fully operational for the first time.
SCC chair, Rod Stowe, said that it showed the benefits of EUs for consumers.
“It is fitting that this funding has become available through regulatory action on mis-selling of superannuation products,” he said.
“This is an excellent example of the way enforceable undertakings can improve consumer outcomes. ASIC has ensured that the banks change their behaviour and consumers win through funding for a specialist organisation that will advocate for industry reforms to stop this kind of behaviour in the future.”
The EU followed a finding that the banks mis-sold superannuation products and would also see the two firms change how they sold super products.
Recommended for you
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment