Three super funds issued infringement notices for misleading investment disclosures
ASIC issued 6 infringement notices totalling $118,800 to Australian Retirement Trust, AMIST and Telstra Super for describing investment options in ways that did not match actual asset allocation or time horizons. It sets a clear expectation that option disclosures must match how money is really invested.
What it means for business
Consider a periodic reconciliation of published asset allocations and time horizons against actual portfolio holdings.
What does this mean for your business?
If this development touches your contracts, compliance or reporting, it may be worth a short conversation. Get in touch through our contact page and a senior lawyer will reply within one business day.
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