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A judge has signed off on an agreed $10.3 million penalty against Mercer Super for failing to inform ASIC about investigations into serious issues, after the judge requested more information on how the penalty had been arrived at.
The corporate regulator says platform super trustees are failing to monitor excessive advice fees, risky adviser behaviour and high-risk super switching, despite $1 billion in losses suffered by investors in the wake of the collapse of the Shield and First Guardian Master Funds.
Superannuation trustee Diversa is facing an investigating by the Australian Prudential Regulation Authority into its executive remuneration practices.
Construction PRO
Lendlease will sell its stake in the Keyton Retirement Living Trust to Aware Super for $525 million as the property giant looks to trim its debt.
The head of ASIC has told a Senate panel that the regulator is taking an “aggressive” stance on cases related to the collapse of the First Guardian and Shield Funds, with 50 to 60 people working around the clock.
A judge wants more details about a $10.3 million agreed-to penalty in proceedings brought by ASIC accusing Mercer Super of "longstanding and systemic" compliance failures.
The corporate regulator has filed proceedings alleging superannuation trustee Equity Trustees failed to act in members' best interests by allowing them to sink $65 million into Falcon Capital's First Guardian Master Fund.
ASIC has sued superannuation trustee Diversa for investing $300 million in retirement savings into Falcon Capital's failed First Guardian Master fund.
The trustee for super fund Cbus has agreed to pay a $23.5 penalty after admitting liability in the corporate regulator's case over excessive delays in processing $20 million in death and disability claims.
Super trustee Retail Employees Superannuation has paid two infringement notices after ASIC alleged it misled over 2,000 members after inadvertently activating insurance cover.