ASIC Warns Super Funds to Protect Members

ASIC is sounding the alarm over how Australia’s superannuation funds are mishandling retirement savings, warning trustees to step up or face consequences. With nearly $400 billion under management and advice fees quadrupling in a decade, regulators are furious that half of trustees skipped critical reviews and many don’t understand the business models of their advice providers. The watchdog cites “industrial-scale misconduct” from collapsed firms like Shield and First Guardian, and urges Australians to treat their super like their bank accounts—stay informed and demand accountability. ASIC’s message? Protect your nest egg or risk losing it. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/7239f6867a6c7fc2