ASIC flags more action in super sector

Superannuation funds have been put on notice by the Australian Securities and Investments Commission (ASIC) that it expects to take further action in relation to member services failures, including duplicate accounts.

The regulator has used the release of its latest enforcement and regulatory update to remind the sector that it took action against Australia’s largest industry fund, AustralianSuper, alleging failures to address multiple member accounts.

“The failure to merge duplicate accounts is problematic across the Superannuation industry. ASIC expects to take further action in relation to member services failures in the super sector,” the regulator said.

ASIC also noted that it had filed its second and third greenwashing matters during the quarter, with allegations of misleading statements made by Active Super and Vanguard Investments.

ASIC said that it would look to take strong, targeted enforcement action in the coming months and into 2024, as part of its focus on member outcomes in the superannuation sector.