Retirement
mobiSuper’s misleading behaviour under the microscope
A superannuation trustee is under fire in the Federal Court for failure to monitor the activities of the MobiSuper Fund’s promoter and promotional activities.
mobiSuper’s misleading behaviour under the microscope
A superannuation trustee is under fire in the Federal Court for failure to monitor the activities of the MobiSuper Fund’s promoter and promotional activities.
ASIC announced it has commenced the action in South Australia’s Federal Court, alleging Tidswell Financial Services and ZIB Financial Pty Limited (ZIB) “failed to do all things necessary to ensure the financial services covered by their respective Australian financial services licences were provided efficiently, honestly and fairly”.
They are also alleged to have failed to adequately monitor mobiSuper Pty Limited’s (mobiSuper) promotion of the MobiSuper Fund through a purported “general advice model” that had insufficient regard for the best interests of consumers.
ASIC will also argue in court that mobiSuper provided false and misleading statements about superannuation, insurance products and services online.
According to the regulator, mobiSuper made marketing telephone calls to consumers which relayed misleading claims about fee savings and equivalent insurance cover if consumers joined the fund and provided personal advice that was not in consumers’ best interests.
ASIC has expressed its concern about the potential harm to consumers if professional superannuation trustees fail to adequately monitor the activities of their promoters, and is seeking civil penalties against the licensee and superannuation trustee, the promoter, mobiSuper’s licensee ZIB, and the director of mobi and ZIB, Andrew Grover.
It said trustees have responsibilities in relation to the actions of their promoters.
RELATED ARTICLES
About the author
About the author
Superannuation
Aware Super bolsters support for financial advisers amid growing partnerships
In a strategic move to enhance its growth trajectory, Aware Super has announced a significant investment in bolstering support for financial advisers, aiming to deliver superior retirement outcomes ...Read more
Superannuation
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable ...Read more
Superannuation
Parliamentary support heralds a fairer superannuation system for under-18s
In a significant development for Australia's superannuation landscape, Rest, one of the nation's largest profit-to-member super funds, has praised the recent cross-parliamentary support for extending ...Read more
Superannuation
Australia's superannuation system sets global benchmark for retirement savings
Australia has quietly established one of the most effective retirement savings cultures in the world, largely by eliminating the human element from the decision-making process. The country's ...Read more
Superannuation
Rest appoints new senior leaders to drive data and tax strategy
In a strategic move to bolster its capabilities in data management and tax governance, Rest, one of Australia's leading profit-to-member superannuation funds, has announced the appointment of two ...Read more
Superannuation
Australia's superannuation system sets global standard for retirement savings
Australia has quietly developed one of the world's most robust retirement savings systems, largely by eliminating the human element from the decision-making process. This approach has led to a culture ...Read more
Superannuation
Rest appoints Marina Pasika as permanent head of private markets
In a significant move for Australia's superannuation landscape, Rest, one of the nation's largest profit-to-member super funds, has confirmed the permanent appointment of Marina Pasika as Head of ...Read more
Superannuation
Rest strengthens digital engagement with new leadership appointment
In a significant move to enhance its digital member services, Rest, one of Australia's largest profit-to-member superannuation funds, has appointed Darran Arnott as General Manager, DigitalRead more
Superannuation
Aware Super bolsters support for financial advisers amid growing partnerships
In a strategic move to enhance its growth trajectory, Aware Super has announced a significant investment in bolstering support for financial advisers, aiming to deliver superior retirement outcomes ...Read more
Superannuation
TelstraSuper and Aware Super merge, creating a powerhouse with over $235 billion in funds
In a strategic move that underscores the growing trend of consolidation in the superannuation industry, TelstraSuper and Aware Super have successfully completed their merger, creating a formidable ...Read more
Superannuation
Parliamentary support heralds a fairer superannuation system for under-18s
In a significant development for Australia's superannuation landscape, Rest, one of the nation's largest profit-to-member super funds, has praised the recent cross-parliamentary support for extending ...Read more
Superannuation
Australia's superannuation system sets global benchmark for retirement savings
Australia has quietly established one of the most effective retirement savings cultures in the world, largely by eliminating the human element from the decision-making process. The country's ...Read more
Superannuation
Rest appoints new senior leaders to drive data and tax strategy
In a strategic move to bolster its capabilities in data management and tax governance, Rest, one of Australia's leading profit-to-member superannuation funds, has announced the appointment of two ...Read more
Superannuation
Australia's superannuation system sets global standard for retirement savings
Australia has quietly developed one of the world's most robust retirement savings systems, largely by eliminating the human element from the decision-making process. This approach has led to a culture ...Read more
Superannuation
Rest appoints Marina Pasika as permanent head of private markets
In a significant move for Australia's superannuation landscape, Rest, one of the nation's largest profit-to-member super funds, has confirmed the permanent appointment of Marina Pasika as Head of ...Read more
Superannuation
Rest strengthens digital engagement with new leadership appointment
In a significant move to enhance its digital member services, Rest, one of Australia's largest profit-to-member superannuation funds, has appointed Darran Arnott as General Manager, DigitalRead more
