Merger sees cancellation of fund licence
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence of Coal Industry Superannuation Fund (CISF) after its merger with AUSCOAL Super last year.
The cancellation came into effect in late December last year after CISF lodged an application with the corporate regulator requesting it to do so as per the Corporations Act 2001.
Meanwhile, AUSCOAL Super announced it added a new financial adviser in Western Australia in December last year following the merger with CISF in July.
It comes as AUSCOAL Super added a WA Coal division, which includes the compulsory defined benefit scheme for coalminers in the state.
"The merger went smoothly and we're pleased to welcome our new WA Coal members to AUSCOAL Super," AUSCOAL CEO Bruce Watson said in a statement.
Fund members in WA can access a full-time adviser for their super enquiries.
AUSCOAL Super now has 76,000 members following the merger, while its funds under management stood at $8.4 billion as at 1 July 2014.
AUTHOR
Malavika Santhebennur
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