ASIC has issued media releases calling for superannuation trustees to step up efforts after the results of two reviews which identified deficiencies or poor practices in the areas of dealing with member money and consolidating duplicate member accounts. According to the ASIC Commissioner, Danielle Press, all trustees are expected to closely review their policies and procedures against issues identified and take immediate steps to close the gaps. In addition, ASIC will continue to monitor these areas and take enforcement action where appropriate.
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