The corporate watchdog had concerns three funds linked to the Maritime Union of Australia and the Independent Education Union breached financial advice laws. All three funds collapsed.
Christian Super folded into Australian Ethical last November and Australian Catholic Super was absorbed by UniSuper in December.“The purpose of these letters was to remind the unions that financial services laws applied to them, and to warn that they must be careful not to provide unlicensed financial product advice or make misleading or deceptive statements about financial products,” ASIC wrote in its response to the questions.
ASIC said it had also written to the Australian Council of Trade Unions on the issue so that its “concerns were communicated more generally throughout the industry”. “Unions are so emboldened under this government that they illegally lie to workers about underperforming super funds,” he said. , Mr Crumlin defended the performance of Maritime Super, slammed the super performance test as an “attack on our fund”, and hit back at the “extremely negative reporting” on the fund’s failed MySuper product.
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