Comments on: ASIC’s Longo denies superannuation double standards

By: OhYeah

OhYeah — Thu, 13 Mar 2025 06:26:18 +0000

In reply to Researcher. Australian Super made $69,000 from the extra accounts they knew about and choose to do nothing... they then fined $27 million so they are still ahead and no manager or directors have been banned? why not? if this was an adviser they would lose their house and be banned for life from the financial services industry

By: Researcher

Researcher — Thu, 13 Mar 2025 03:55:00 +0000

So how does Mr Longo explain fining AMP $24 million for charging $600,000 to deceased clients, yet Australian Super is fined $27 million for causing $69 million in losses for charging duplicate fees for tens of thousands of clients. I’m comparing the pair and something seems off.

By: Former Superfund CEO

Former Superfund CEO — Thu, 13 Mar 2025 02:25:46 +0000

Don’t worry…I’ve already arranged for Mr Longo to be a future Director of AustralianSuper in 2029. I’ve even given him a car space close to the lift.

By: OhYeah

OhYeah — Wed, 12 Mar 2025 22:31:07 +0000

This is what happens when ASIC staff’s default superannuation fund for super choice is Australian Super. ASIC staff have a conflict—if they go too hard on Australian Super, it would affect their own super.

It reminds me of ASIC claiming they can manage Qantas gifts—yeah, sure. It doesn’t affect you when you’re mates with them, all getting footy tickets, access to their parking in every city you visit, and paid accommodation—all off the backs of those not-for-profit industry funds.
Sounds like a lot is skimmed off for the unions, Labor, and all your mates before the members get the rest…

By: One foot out the door

One foot out the door — Wed, 12 Mar 2025 21:48:19 +0000

Where’s the ten years look back longo you hypocrite!

By: Regulatory Capture Corrupted ASIC

Regulatory Capture Corrupted ASIC — Wed, 12 Mar 2025 20:41:38 +0000

Didn’t ASIC say in AustralianSuper $27mill fine case “it relates to the profits the fund receives and thus the fine was lower as supposedly they don’t keep the profits?”
……well except for excessive wages, directors fees and kick backs to Union & Bikie bosses, surely these are profits… but ASIC will happily ignore those.
Now again ASIC talk about profits ?
“If a super fund profits by breaking the law” says ASIC
Don’t Industry Super advertise as “Not for Profit” & “Profit for Members”.
Regulatory Capture Corrupted ASIC have a lot to clarify about Industry Super and these Profits????
How about ISFs not paying Life Insurance claims so they can get paid mega Commissions, that ASIC now term Profit Sharing.
As for any real detergent to Directors, Trustees / Union & Bikie bosses taking the profits…are they ever fined banned or publically shamed ???