ASIC reveals superannuation blitz

Speaking to media, ASIC deputy chair Karen Chester said that the recent proceedings brought against REST and Statewide were just the beginning of its “now-mature pipeline of non-royal commission–related superannuation litigation”.

“The broad misconduct themes are trustee competence and oversight, complaints handling processes and mischarging fees. And the metrics of harm are known to us all,” Ms Chester said.

ASIC now has eight matters in litigation, two briefs of evidence in support of criminal charges with the Commonwealth Director of Public Prosecutions, more than 20 enforcement investigations underway, and multiple surveillances about potential super trustee misconduct ongoing following “12 months of behind-the-scenes strategy, surveillance and investigation”.