Australian Securities & Investments Commission issues AUD 37,560 infringement notices to Rest over misleading superannuation insurance representations

The Australian Securities & Investments Commission (ASIC) issued two infringement notices totalling AUD 37,560 to superannuation trustee Retail Employees Superannuation Pty Ltd (Rest) for alleged false or misleading representations made after Rest inadvertently activated insurance cover for more than 2,000 members. Rest paid the infringement notices on 22 September 2025. From June 2024 to January 2025, annual statements and emails sent to affected members indicated they held active death, total and permanent disability and/or income protection insurance through the fund, despite those members having previously cancelled, opted out of, lost or otherwise not held cover. ASIC alleges the communications represented that Rest had a right to activate insurance and deduct premiums from members’ superannuation accounts when it had no such right; payment of an infringement notice is not an admission of liability, and ASIC has published the notices on its infringement notices register.