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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.