Sun, 2nd Feb 2025

This podcast from Financial Services Online discusses recent measures taken by the Australian Securities and Investments Commission (ASIC) to increase scrutiny on superannuation practices considered risky, particularly focusing on aggressive sales tactics and social media exploitation. Regulatory changes are expected by year-end, driven by an increase in super fund service complaints. In collaboration with Treasurer Jim Chalmers and Minister Stephen Jones, ASIC aims to bolster defenses against financial scams. The Association of Superannuation Funds of Australia supports ASIC in taking the lead in scam oversight for the superannuation sector, replacing the Australian Competition and Consumer Commission. This shift signifies an effort to streamline powers and maximize protection for the investors. This recap also emphasises the crucial role of the Australian Financial Complaints Authority in dispute resolution.n