ASIC Sues Equity Trustees Over Alleged Superannuation Due Diligence Failures
The Australian Securities and Investments Commission (ASIC) said Equity Trustees oversaw the investment of about A$160 million in retirement savings into Shield across 2023 and 2024. The fund had “no track record,” ASIC said, and thousands of members ultimately saw their balances reduced. ASIC Deputy Chair Sarah Court said: “Instead of acting as an effective…
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