ASIC

News and articles relating to the Australian Securities and Investments Commission (ASIC).

“Junk” TPD insurance an industry-wide problem: ASIC

Some TPD insurance held though superannuation is “junk insurance”, says ASIC, with consumers paying full premiums but with pay outs tied to “very restrictive” definitions. A review by ASIC has found “significant industry-wide problems” with Total and Permanent Disability (TPD) insurance, including policies offered through super funds. ASIC says these… Read More »“Junk” TPD insurance an industry-wide problem: ASIC

ASIC makes cost of living rule change for super and retirement calculators

ASIC will soon change the rules for superannuation and retirement calculators, taking more account of cost of living – a change described by an industry member as “significant”. ASIC has released new rules which it says are aimed an ensuring superannuation and retirement calculators adjust for inflation. Under the changes,… Read More »ASIC makes cost of living rule change for super and retirement calculators

Hostplus pays $12,600 penalty for allegedly misleading claims

Industry super fund Hostplus has paid a penalty relating to allegedly misleading claims, according to ASIC. The regulator announced that Hostplus has paid a $12,600 Infringement Notice penalty, relating to “alleged misleading claims about offering ‘independent advice’ in a recorded telephone message on HostPlus’ main consumer telephone number”. ASIC notes that… Read More »Hostplus pays $12,600 penalty for allegedly misleading claims