Regulatory Alerts2025-09-29
ASIC issues infringement notices to Rest for insurance representation failures
ASIC issued two infringement notices totaling $37,560 to superannuation trustee Rest for making false or misleading representations regarding insurance cover for over 2,000 members. The regulator alleged that Rest incorrectly activated insurance and deducted premiums from accounts where members had previously cancelled or never held such cover. Rest paid the penalties in September 2025 as part of ASIC's enforcement priority to prevent administrative errors that erode superannuation balances.
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