ASIC hits Rest with two infringement notices
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The news: Retail Employees Superannuation (Rest) has been issued two infringement notices from the Australian Securities and Investments Commission (ASIC) for making “misleading representations” to more than 2,000 members.
The numbers: The infringement notices total $37,560, which were paid on 22 September 2025.
The context: Annual statements and emails were sent to more than 2,000 members between June 2024 and January 2025 flagging they had “active death, total and permanent disability and/or income protection insurance in the fund” according to ASIC.
However, these members had “previously cancelled, chosen not to receive, lost or otherwise not held insurance cover in the fund”.
Addressing member services failures in the superannuation sector is one of ASIC’s 2025 enforcement priorities. The aim is to boost confidence in the industry to prevent administrative errors that could hit super balances and to encourage super funds to deliver quick remediation.
The source: ASIC media release
