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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.
ASIC has confirmed it is investigating at least one ratings house which said Keystone’s failed Shield Master Fund was of 'investment grade', as the corporate watchdog seeks to claw back $480 million in investor funds.
Mercer Super faces enforcement action by ASIC, alleging the superannuation giant failed to inform the watchdog about investigations into serious issues, including a failure to refund premiums to dead members.
Construction PRO
US private equity firm KKR will acquire agriculture infrastructure firm ProTen from superfund Aware Super, in a deal valued at around $1.3 billion.
A $67 million settlement has been reached in a class action alleging Queensland-based superannuation fund QSuper overcharged members for life insurance premiums.