Retirement
ASIC commences civil penalties against super fund
ASIC has commenced Federal Court proceedings against Statewide Superannuation for misleading or deceptive correspondence about insurance cover held by members.
ASIC commences civil penalties against super fund
ASIC has commenced Federal Court proceedings against Statewide Superannuation for misleading or deceptive correspondence about insurance cover held by members.
ASIC alleged between May 2017 and June 2020, Statewide deducted a total of $1,500,000 from superannuation accounts of certain fund members when those members did not have cover under Statewide’s insurance policy.
In addition, Statewide sent annual statements and warning letters to approximately 12,500 fund members, representing the held insurance cover at a time when those members did not have cover under a Statewide insurance policy.
ASIC alleged that in making these representations, Statewide breached its obligations as an Australian financial services licence holder to act efficiently, honestly and fairly and to comply with the financial services laws.
ASIC also alleged Statewide failed in its breach reporting obligation to report these breaches to ASIC within 10 business days.
"Statewide Super acknowledges today’s announcement of the commencement of civil proceedings by the Australian Securities Investments Commission (ASIC),” Statewide said in a statement.
More to come.
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