The Australian Securities & Investments Commission (ASIC) published an open letter to superannuation trustees urging them to strengthen practices for preventing, detecting and responding to scams and fraud, warning that weak controls risk exposing members to harm. Signed by ASIC Commissioner Simone Constant, the letter sets out ASIC’s guidance for trustees on addressing scam and fraud activity as tactics used to manipulate superannuation members become more sophisticated. The letter follows an ASIC review of 15 superannuation trustees that found none had an organisation-wide scams strategy in place. It emphasises trustees’ role as custodians of members’ savings and stresses that trustees cannot outsource their obligations to third parties when protecting members from scams. ASIC positioned the work as part of its broader focus on disrupting investment scams across financial services, building on its earlier reviews of anti-scam practices at banks in Report 761 (four major banks) and Report 790 (banks outside the four majors).
Australian Securities & Investments Commission 2025-01-30
Australian Securities & Investments Commission presses superannuation trustees to strengthen anti-scam controls after review finds no organisation-wide strategies
The Australian Securities & Investments Commission (ASIC) urged superannuation trustees to improve their practices against scams and fraud. ASIC Commissioner Simone Constant's letter highlights the lack of an organisation-wide scams strategy among 15 reviewed trustees and underscores trustees' duty to protect members' savings. This is part of ASIC's broader effort to combat investment scams, following reviews of anti-scam practices at major banks.