Financial regulator ASIC is taking Australia’s largest superannuation fund to court over alleged failures to detect and address multiple accounts, leading to a whopping cost for 90,000 members.
The regulator alleges the largest superannuation failed to address multiple member accounts. ASIC has begun civil penalty proceedings against the trustee of Australia’s largest superannuation fund,
Australia’s largest superannuation company has apologised for the distress it caused two widows, and paid out their deceased husband’s entitlements in full, after it was accused of taking advantage of older women to drive company profits.