The ASIC warned the Maritime Union concerning the group of members to stick with an underperforming superfund

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Ms Press responded: “Now we have written to the Maritime Union … concerning the conversations they’ve had with Tremendous Maritime members.”

Contacted after the listening to, MUA nationwide secretary Paddy Crumlin mentioned the proof.

“That is simply nonsense and misinformation led by the federal authorities, and is rapidly evidenced by a letter to the ASIC union confirming that that they had examined the matter and there could be no additional motion taken.”

Mr Crumlin mentioned the letter, despatched by ASIC in September, mentioned: “Please notice, even when ASIC has seen a duplicate of the correspondence that has been offered to union members and has no extra. issues to be raised with you at this stage. “

Previous to the session, ASIC was briefed by Labor MP Julian Hill on letters despatched by tremendous gross sales and business funds to members informing them that that they had failed the take a look at. Mr Hill mentioned he was involved {that a} letter ought to inform members of a fund failing a efficiency take a look at was used to advertise the failed fund to members.

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“You may perceive ours [the committee’s] concern and confusion that the funds they needed to make the embarrassment stroll with their members want to gown that up in a magnificence parade, ”Hill mentioned.

Ms Press advised the committee that whereas the regulation mentioned funds ought to inform members of their failure to check efficiency, there was no regulation saying they might not even embrace materials. of selling in these letters expressing the advantages of the failed fund.

“There is no such thing as a regulation that forestalls them from together with different data with the letter of profit. That mentioned, it should be honest and balanced,” he mentioned.

“We stored observe of all of the communications that had been despatched from the 13 funds submitted, and in reality, quite a few different funds that nearly failed a efficiency take a look at to make sure that there may be not the type of habits that you just simply talked about,” she mentioned. . added.

ASIC President Joe Longo has urged that the regulator’s evaluate may probably violate the id of the regulation.

“There are a selection of areas, as Commissioner Press alluded to, the place we’re involved to make sure that there isn’t any deceptive and deceptive conduct,” Longo mentioned.

Mr Crumlin of the MUA mentioned the funds of the business had been being attacked by the coalition authorities.

“Coalition MPs like Tim Wilson and Andrew Bragg are on a campaign in opposition to business pension, unions and staff’ democratic rights to profit their fellow bankers.

“These guys are losing regulator time and making an attempt to publicly intimidate unions that talk pretty legitimately with their members on necessary points that have an effect on their retirement.”

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