The new super fund that excludes Boomers, home owners pocket record profits, and Big 4 bank launches low rate offer for refinancers. Here are five things you may have missed this week.
asic
Showing 1 to 10 of 84 results tagged asic:
Active Super has been fined $10.5 million for falsely claiming it avoided investments in gambling, coal mining, oil tar sands, and Russian companies since the invasion of Ukraine.
Australia's largest super fund is being sued by ASIC over the delayed processing of close to 7000 death benefit claims, with some beneficiaries left waiting four years for a payout.
Internal documents from AustralianSuper stated: "It benefits the member by stopping the $1.50 charge on their duplicate account, but for us it means less revenue."
ASIC is setting its sights on the private markets sector, flagging it will pay particular attention to the surging popularity of opaque private debt investments.
Australia's biggest super fund has copped a $27 million fine. Where does the money for the fine come from? And who really pays?
More than 42,000 beneficiaries were affected when AustralianSuper failed to promptly identify and merge members' multiple accounts from 2019 to 2023.
AMP Super became the first superannuation fund to add cryptocurrency to its portfolio when it invested $27 million in bitcoin this week.
"We allege NAB unlawfully failed to respond to their customers' appeal for help when they needed them most," ASIC chair Joe Longo said.
ASIC has launched legal proceedings against Cbus over delays in the processing of insurance claims made by members.
