Superannuation

The super trustee has pointed the finger at third party firms in its defence to an action by ASIC over its offer of the failed First Guardian fund on its investment platform. 

A class action against REST Super has opposed a bid for 'soft' class closure, arguing that registration numbers will provide very little information about the group at this stage.

The Australian Prudential Regulation Authority has released a series of proposals to strengthen superannuation investment governance in the wake of the $1 billion collapse of investment funds Shield and First Guardian.

Investment manager Macquarie has been hit with a second class action by investors who sank over $320 million of their superannuation into Keystone's collapsed Shield Master Fund.

Former NAB super fund trustee NULIS Nominees has urged the High Court to reject a special leave application in a failed class action over $165 million in conflicted remuneration, saying the appeal is highly fact-specific and doesn't raise a matter of public importance.

Investment manager Macquarie is the first to face a class action by investors who sank their super into the Shield and First Guardian Master Funds, with other investigations underway.

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.

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.

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. 

Superannuation trustee Diversa is facing an investigating by the Australian Prudential Regulation Authority into its executive remuneration practices.