ASIC has released a consultation paper proposing relief be given to superannuation fund trustees from some Corporations Law requirements that will allow them to provide forecast results to their members.
Consultation Paper 122 Superannuation forecasts: ASIC relief and guidance for super funds proposes the relaxing some of the requirements on superannuation trustees prescribed by the Corporations Act so members can receive a regular estimate of their likely benefit balance upon retirement.
The types of regulations ASIC is looking to grant relief from cover such things as licensing, advice, conduct and disclosure.
Under the proposal, trustees will have to satisfy certain other requirements regarding content, presentation and calculation of the projections they make for their members as well as the manner and timing of their release.
In other news, the regulator commenced civil proceedings in the Federal Court against certain senior office holders of the failed Centro group.
The executives involved in ASIC's action are former chair Brian Healey, former chief executive Andrew Scott, non-executive directors James Hall and Paul Cooper, former non-executive directors Samuel Kavourakis, Graham Goldie and Louis Wilkinson, and former chief financial officer Romano Nenna.
The basis of the regulator's action is that these former officers failed to properly carry out their duties with due diligence and care when approving the financial results of the group.
In particular, the former officers are alleged to have classified interest-bearing liabilities of the group as non-current liabilities rather than current liabilities, creating a material misstatement and in turn breaching the relevant accounting standard.
ASIC is seeking to have the former Centro executives disqualified from managing organisations with pecuniary penalties being imposed on them as well.
