ASIC's media release today (15-251) highlights concerns around marketing practices by Responsible Entities of Funds and Superannuation Fund Trustees.
A timely reminder to trustees that their responsibilities extend to ensuring the data provided in promotional material is accurate, and not misleading in any respect.
Consumer protection is supported by a regime structured around disclosure - and industry participants have the ultimate responsibility for ensuring disclosure is accurate, complete and subject to rigorous review.
In the case of superannuation funds, members and prospective members typically place a high degree of trust in the Trustee of the fund and may be more susceptible to being misled than consumers of other financial products.
ASIC seeks improved compliance by responsible entities and superannuation trustees ASIC has today provided an overview of some compliance issues identified during its proactive surveillance of responsible entities and superannuation trustees that are also holders of an Australian financial services (AFS) licence. ASIC Commissioner Peter Kell said that while some compliance issues were expected, there were some areas where processes and behaviours could be improved across the board. 'ASIC urges all licensees to take stock and implement any measures that are necessary to meet both legal obligations and good practice within the industry', Mr Kell said.