ASIC Warns Super Platforms on Fees

ASIC is sounding the alarm on Australia’s booming superannuation platforms, warning they’re failing to properly monitor advisor fees that now total $2.3 billion — quadrupling since the 2010s — while chasing growth at the expense of members’ retirement savings. With platforms managing $300 billion and tripling in value, oversight has lagged, leaving smaller balances especially vulnerable to excessive charges. Recent collapses like Shield and First Guardian — costing 11,000 Australians $1 billion — exposed critical flaws, prompting ASIC to demand stricter fee controls and suspicious activity monitoring. The government is also exploring consumer protections like fund-switching delays, as industry groups clash over member control versus safety. The message is clear: growth can’t come at the cost of retirement security. 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/ddf180c0e7aff183