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ARTICLE · 16 JUNE 2020

Superannuation monthly update – Regulator updates, Legislation, Cases and other recent developments

Holding Redlich
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This monthly update includes Regulator updates (from ASIC and APRA), Legislation, Cases and other recent developments.

AustraliaFinance and Banking
Luke Hooper
Luke Hooper
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Superannuation monthly update – March 2020

Regulator updates

ASIC commences proceedings against Colonial First State over dealings with MySuper accounts (17 March 2020)

ASIC commenced civil penalty proceedings in the Federal Court against Colonial First State Investments Limited (Colonial) in its own capacity, and as the trustee for the Colonial First State FirstChoice Superannuation Trust (FirstChoice Fund). ASIC commenced proceedings for alleged breaches of the ASIC Act and the Corporations Act regarding alleged misleading or deceptive communications with members of the FirstChoice Fund.

ASIC alleges that, between March 2014 and August 2016, Colonial communicated with FirstChoice Fund members in a misleading or deceptive manner regarding the provision of investment directions to stay within the FirstChoice Fund rather than transitioning to Colonial s MySuper product.

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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