ASIC has flagged serious shortcomings in superannuation platforms that hold about $300 billion for retirees, warning that the flaws leave the savings exposed.
Trustees are being criticised for lax adviser oversight and mishandling client funds.
Aggressive retirement fund switching has generated an extra millions in fees.
A super giant was hit with a heavy fine for charging premiums to deceased members.
ASIC’s latest notice told trustees the failures are persistent and must be remedied immediately.
Echoing recent reports, the lucrative business of super switching is sounding alarm bells.