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'It's shocking': ASIC says too many Australians' retirement savings are being wiped out
Simone Constant is calling on super funds to do better when it comes to safeguarding Australians' retirement savings. (ABC News: John Gunn)
The Australian Securities and Investments Commission (ASIC) says super trustees are not doing enough to protect members.
It wants trustees to focus on inadequate monitoring of advisors, advice fees and investment flows.
The Australian Securities and Investments Commission (ASIC) has called out platforms that manage Australians' retirement savings for a "troubling" lack of safeguards.
The corporate watchdog is concerned that super trustees are failing to monitor harmful advice fee deductions, unusual fees, investment patterns, and high-risk superannuation switching activity.
ASIC warns savers at risk as big wealth platforms leave $300b exposed
The corporate regulator says major wealth management platforms have overly permissive compliance regimes, leaving customers exposed to the same dodgy schemes and shonky practices that led to thousands losing their savings when the $1 billion Shield and First Guardian schemes failed.
The Australian Securities and Investments Commission analysis – its first of the fast-growing sector since 2024 – bluntly concluded platform operators were “not doing enough to protect members” and, in some cases, found they had even regressed on crucial consumer safeguards over the past two years.
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‘Deeply concerning’: ASIC warns on gaps in oversight of $300b in super
Businesses that oversee $300 billion in superannuation savings invested via wealth platforms are not doing enough to monitor for potentially excessive financial advice fees being deducted from members’ accounts, the corporate watchdog warns.
The Australian Securities and Investments Commission (ASIC) will on Monday say it was “overwhelmingly disappointed” after it conducted a review into how well super trustees in the platforms segment are safeguarding members’ retirement savings.
Platforms, which have surged in popularity, allow members to have greater control over their super investments than traditional funds. They are technology systems that allow investors and financial advisers to manage money spread across multiple investment options.
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