Before COVID-19 ASIC was investigating mostly retail funds
The Australian Securities and Investments Commission (ASIC) is currently investigating three times as many retail funds as it is industry funds.
Answering a question on notice from the Joint Parliamentary Committee on Corporations and Financial Services, ASIC deputy chair, Karen Chester said the regulator was pursuing 16 current investigations in relation to retail funds six of which had arisen either from Royal Commission case studies or referrals.
She said that five current investigations were in relation to industry funds.
The question was asked of ASIC in late February with the answer being noted by the Committee in late March.
Both ASIC and the Australian Prudential Regulation Authority (APRA) have subsequently signalled a change in emphasis and have made clear to superannuation fund trustees that they must prioritise having sufficient liquidity to meet any demands arising from the Government’s hardship early access regime.
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