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ASIC Hits Rest with $37K Fine for Misleading Insurance Claims

9/29/2025

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Summary

Story summary

Australian Securities and Investments Commission (ASIC) issued two infringement notices to Retail Employees Superannuation Pty Ltd (Rest) for misleading over 2,000 members about insurance, totaling $37,560.
ASIC stated Rest had no right to activate insurance or deduct premiums.
This aligns with ASIC's 2025 priority to address member service failures in the superannuation sector, with Protecting Your Superannuation limiting automatic coverage.

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Story summary

Australian Securities and Investments Commission (ASIC) issued two infringement notices to Retail Employees Superannuation Pty Ltd (Rest) for misleading over 2,000 members about insurance, totaling $37,560.
ASIC stated Rest had no right to activate insurance or deduct premiums.
This aligns with ASIC's 2025 priority to address member service failures in the superannuation sector, with Protecting Your Superannuation limiting automatic coverage.