ASIC looks into super performance disclosure
The corporate watchdog is considering making a public statement about its monitoring of websites and other disclosures in relation to superannuation fund performance following the Your Future, Your Super performance test.
The former chair of the House of Representatives Standing Committee on Economics, Tim Wilson, asked the Australian Securities and Investments Commission (ASIC) a question on notice regarding whether it had investigated how long Industry Super Australia’s (ISA’s) had knowledge of LUCRF or Maritime Super’s underperformance.
“Has ASIC investigated whether Industry Super Australia has engaged in misleading or deceptive conduct in claiming their funds deliver ‘superior returns’ while some funds were underperforming? If not, why not?” Wilson asked.
ASIC said it had not investigated ISA’s knowledge of LUCRF or Maritime Super’s performance.
“We are not clear about what claims of ‘superior returns’ the question refers to and whether such claims relate to specific funds. We are not currently investigating ISA’s promotional campaigns about any ‘superior returns claims’ and, on the basis of the information provided in the question, we do not intend to do so,” ASIC said.
“However, ASIC is continuing to monitor website and other disclosures in relation to performance of funds across the superannuation industry following the outcome of the Your Future, Your Super performance test.
“This includes claims about the quality of fund performance. We will consider making a public statement about this work at the appropriate time.”
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