Page 5 - Danielle Press News Today

ASIC has acted against a further 11 self-managed superannuation fund (SMSF) auditors for breaches of their obligations including breaches of auditing and assurance standards, independence requirement

Superannuation funds that fail the performance test downplay their results and obfuscate members from understanding critical information, according to the corporate regulator.

The corporate regulator has pulled up super fund trustees who failed the Your Future, Your Super performance test for poor member communications. Amid increased regulatory and political pressure, the regulator has urged the trustees to improve the experience for Australia’s super fund members.  

Australian investors who want their money managed ethically need to be alert for misleading and overzealous environmental and social claims.

Superannuation has proved its stability in troubled times with the average balanced fund making a gain of 1 per cent while shares fell.

Australians impacted by misconduct in the financial advice space have received just under $5 billion in compensation from six of the largest banking and financials services entities.

NSW Liberal senator Andrew Bragg has lodged a request for ASIC’s submission to the government’s quality of advice review after it was only released in heavily redacted form.

Financial services firms were among seven entities reviewed by the regulator as part of its work to develop corporate guidance for whistleblower protection.

<p><span>ASIC today published a report to help entities improve their arrangements for handling whistleblower disclosures, and ensure they are effective and encourage people to speak up.</span></p>

The corporate watchdog has published findings from a review of whistleblower programs developed by major Australian firms, including four financial services entities. The Australian Securities and Inv