ASIC will look to take strong, targeted enforcement action in the coming months and into 2024, as part of its focus on member outcomes in the superannuation sector.

The enforcement focus comes after ASIC’s enforcement and regulatory update highlighted ASIC’s work to protect consumers, including calling on banks to ensure better consumer outcomes and civil penalty action against Westpac Banking Corporation after alleged failures to address financial hardship notices.

ASIC Chair Joe Longo said, ‘The July to September quarter saw ASIC achieve strong results in court and file significant matters that go toward our ongoing work to protect consumers.

‘Our focus on the best interests of members in the superannuation sector is part of our continuing work to make the financial system fair for all Australians,’ concluded Mr Longo.

During the quarter, ASIC also took action against AustralianSuper to further protect superannuation members, alleging failures to address multiple member accounts. The failure to merge duplicate accounts is problematic across the Superannuation industry. ASIC expects to take further action in relation to member services failures in the super sector.

ASIC also filed its second and third greenwashing matters during the quarter, with allegations of misleading statements made against Active Super and Vanguard Investments Australia.

ASIC also saw its action against Australia and New Zealand Banking Group Limited (ANZ) finalised with a $15 million penalty handed down by the Federal Court for misleading customers as to the funds available in certain credit card accounts.