Equity Trustees – the company responsible for issuing interests in the Good Super fund – has been issued a fine of $20,400 after ASIC found the website made claims that may mislead consumers, according to a statement from ASIC.
Como Financial Services, which was engaged by Equity Trustees to provide marketing and promotional services for the fund, was also fined the same amount.
ASIC’s concerns related to claims on the Good Super website offering to locate a customer’s “lost” superannuation.
“Consumers were also asked to elect whether to transfer all or some of the superannuation accounts found at the time they applied to join Good Super,” the statement said.
“However, the online search found not only ‘lost superannuation’, but in fact located all superannuation accounts held by consumers, including active superannuation accounts.”
ASIC also expressed concern that the Good Super website failed to provide relevant warnings in relation to rolling over superannuation benefits from their existing accounts, including the possibility of exit and withdrawal fees, future employer contributions and the loss of insurance entitlements.
Both companies were initially issued with infringement notices by ASIC, after which the Good Super website was amended.
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