Fri, 31st Jan 2025

In this week's Superannuation News Wrap, ASIC is increasing oversight on the superannuation sector to target risky practices, especially regarding aggressive sales tactics and investments promoted on social media. They are focusing on issues with Self-Managed Super Funds and improving accountability in response to rising complaints about super fund services. In collaboration with Treasurer Jim Chalmers, new service standards are being released, while Minister Stephen Jones is intensifying a war against financial scams. Meanwhile, the Association of Superannuation Funds of Australia supports ASIC becoming the primary regulator for scam oversight in the superannuation industry. They suggest several changes to streamline regulations and strengthen protections, including extending scam prevention to the superannuation field and revamping financial penalties to allow judicial discretion.