ASIC has indicated that compliance by responsible entities and superannuation trustees needs to be improved, particularly in areas such as processes and behaviours.
Following its surveillance of responsible entities and superannuation trustees, ASIC commissioner Peter Kell said processes and behaviours can be improved.
Concerns identified by ASIC for superannuation trustees include issues relating to promotional material.
“ASIC reminds superannuation trustees that when developing and implementing strategies designed to gain and retain fund members, they should be mindful of the financial services laws and ensure that any communications to new or existing members is not misleading or deceptive,” Mr Kell said.
“Some licensees who are trustees also need to ensure they keep up to date with recent legislative changes under the 'Stronger Super' reforms.
“This includes the new requirements to disclose executive officer remuneration and systemic transparency, but also the new arrangements for complaints handling,” he said.
As a result of the surveillance results, ASIC now requires both responsible entities and trustees to amend and update compliance measures, withdraw disclosure documents and marketing materials and issue revised or supplementary disclosure.
Other requirements include the development of procedures such as those related to due diligence and authorisation of disclosure documents and promotional material, an ASIC-issued statement said.
“ASIC will continue to conduct reviews of licensees in the superannuation and managed investments sector to assess compliance with their AFS licence obligations, rectify any deficiencies and to improve overall industry standards,” said Mr Kell.
APRA has pledged to up its scrutiny of how banks, insurers and superannuation trustees are managing the financial risks of climate change to...
The corporate regulator will have more powers to hold financial services industries to account for misconduct under a new government proposa...
Around 201 investors have received approximately $1.5 million in one of multiple class action claims against a former investment manager a...