Intro: In mid-2023, the 41-year-old, who runs a wholesale food family business in Melbourne, was contacted by a financial advisory company called Venture Egg, which convinced him to roll his super savings from ANZ into a super fund called AusPrac.
Outro: On Wednesday, the Federal Court made interim travel restraint orders against Mr Anderson and another director Simon Selimaj, who are now banned from leaving or attempting to leave Australia until February 27, 2026.
Ouch!!
Are the regulators regulating our superannuation system?.
The deputy chair referred specifically to Macquarie and Equity Trustees as targets for investigation, with the trustees providing Shield as an investment option on platforms they hosted.
According to Court, there are two elements to ASIC’s investigation of the super platforms based on this “sudden influx”.
“Firstly, what obligation does a super trustee have before a fund is put on its platform? What due diligence do you need to do, etc, what do you need to satisfy yourself of? That's one element of what we are thinking about,” she explained.
“The second element is, even if there is not – and the super funds are saying, ‘well, hang on. We don't have that obligation. We can't possibly check everything that goes onto our platform’.