ASIC Sues Equity Trustees Over Failed Fund Sold to 2,700 Pension Members
Updated
Updated · Bloomberg · May 21
ASIC Sues Equity Trustees Over Failed Fund Sold to 2,700 Pension Members
6 articles · Updated · Bloomberg · May 21
2,700 retirement savers were allowed to invest in the now-collapsed First Guardian Master Fund through Equity Trustees Superannuation’s platform, prompting ASIC to file suit.
ASIC alleges Equity Trustees failed to obtain critical information before offering the fund, including audited financial accounts.
The regulator also says members were permitted to invest despite evidence the fund may have been illiquid.
The case adds to scrutiny of how superannuation trustees vet investment products offered to retirement savers in Australia.
After multiple fund collapses, is Australia's entire superannuation safety net on the brink of failure?
With two trustees already paying $422M, will victims of the $1B super collapse ever be fully compensated?
Could new technology have prevented this billion-dollar retirement fund disaster before it even began?