Retirement
Is your super fund in hot water?
One of Australia’s largest superannuation funds has copped a penalty for alleged misleading claims about its advice services.
Is your super fund in hot water?
One of Australia’s largest superannuation funds has copped a penalty for alleged misleading claims about its advice services.
The corporate regulator found that HostPlus made misleading claims about offering “independent advice” in a recorded telephone message.
From July 2016 to late March 2018, the recorded telephone message referred to a free consultation available to members with an Industry Fund Service Limited (IFS) licensed financial planner. It then referred to the advice as “independent”.
ASIC was concerned that HostPlus and IFS were not independent of each other because HostPlus employees were appointed to provide financial advice under IFS’ Australian Financial Services Licence.
Further, HostPlus paid service fees to IFS for adviser services and, at the relevant time, HostPlus was a shareholder of IFS’ “ultimate holding company”, ASIC said.
In response to ASIC’s concerns, HostPlus immediately removed the use of the word “independent” from its recorded telephone message.
What is independent advice?
Financial advisers are required to operate under an Australian Financial Services Licence.
Only financial advisers who operate under a licence that they own qualify as independent.
RELATED ARTICLES
About the author
About the author
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Aware Super appoints Simon Warner as Chief Investment Officer
Aware Super has announced the appointment of Simon Warner as Chief Investment Officer, effective 1 December 2025, following a competitive global search to replace outgoing CIO Damian Graham, who ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Aware Super appoints Simon Warner as Chief Investment Officer
Aware Super has announced the appointment of Simon Warner as Chief Investment Officer, effective 1 December 2025, following a competitive global search to replace outgoing CIO Damian Graham, who ...Read more
