ASIC roundup: A$1.2m penalty for misrepresentation, and overcharging customer

The Australian Securities & Investments Commission’s latest actions and news, September 5 – 8, 2023.

AustralianSuper sued over multiple accounts – September 8, 2023

Civil penalty proceedings have been brought against AustralianSuper, the trustee of Australia’s largest superannuation fund, over alleged failures to address multiple member accounts.

Allegedly, for almost 10 years, AustralianSuper failed to have proper policies and procedures to identify members who held multiple AustralianSuper

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