Twenty-one superannuation trustees who collectively represent 15 per cent of super funds have failed to properly disclose required ‘transparency information’ (TI) on their websites, according to ASIC.
The required TI includes remuneration, governance, fund trust deeds, product disclosure statements, significant event notices and trustee voting records, said ASIC.
Two of the 21 unnamed superannuation funds that were in breach of the transparency requirements had assets exceeding $10 billion, said ASIC.
ASIC deputy chair Peter Kell said, “ASIC’s expectation is that super fund websites should be easily found by searching on the fund’s name using an internet search engine and that the website homepage should prominently point to the transparency information.”
The regulator has written to all 21 funds asking them to address the transparency failures.
“As a result, seven trustees disclosed the required information, five made it easier to find the information and trustees of two small funds, who did not have websites, sought relief from TI obligations,” said ASIC.
“Seven trustees transferred fund members to another fund before winding up the fund. Two trustees also improved their procedures for ensuring that TI is up to date.”
