ASIC asked key questions on industry funds
A senior Government Senator has asked the Australian Securities and Investments Commission (ASIC) to pass judgement on Union-based superannuation liaison officers funded by industry superannuation funds, including on whether they are effectively providiing advice.
Tasmanian Liberal Senator has placed questions on notice to ASIC in the wake of the Australian Prudential Regulation Authority having declared that it was not the appropriate agency to deal with any advice bring provided by the liaison officers.
In his questions, Bushby has asked about any licensing arrangements under the Corporations Act which might be applicable to the liaison positions.
He then goes on to ask whether the liaison officers provide general advice, personal advice or both and whether the trade unions they represent are licensed to operate such a financial service.
Bushby has also asked ASIC to detail its supervisory and compliance procedures applicable to such arrangements.
The existence of the superannuation liaison officers became known to the Goovernment as a result of testimony given during the Royal Commission into the trade union movement.
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