Australieruper has finished a fine of 27 million US dollars after ASIC examination

Australiansuper is the trustee of the largest superanny fund of Australia.

The Australian Securities and Investments Commission (ASIC) recently announced in a press release that it initiated an investigation into systemic failures in the country's largest superfonds, which led to around 90,700 members, which between July 1 and March 2023 Several accounts in several accounts.

According to reports, these members have losses of around 69 million US Several administrative fees, insurance premiums and lost investment results.

According to ASIC, Justice Hespe described the failures of Australiansuper as “serious and very worrying” in her judgment and criticized the lack of suitable systems to ensure compliance with compliance.

She also explained that the fund is “unused” to have neglected its obligations and did not manage to remedy repeated human mistakes over almost a decade.

The deputy chairman of ASIC, Sarah Court, condemned the violation of trust from Australiansuper and explained: “This punishment reflects the seriousness of misconduct … what the trust of its members has revealed.”

She added that the failure to escalate and fix the problem in good time tightened the damage.

All affected members have been remedied since then. ASIC has repeated his commitment to compliance with superfonds, with further investigations going in this sector.