The corporate regulator says it could take trustees to court and claw back executive bonuses after it catalogued a litany of failures on customer complaints.
The corporate watchdog is threatening to sue superannuation funds for repeatedly ignoring complaints after its sector-wide review revealed shocking failures to properly monitor and handle customer problems and identify systemic issues.
ASIC commissioner Simone Constant said the regulator opened inquiries after it trawled through super fund member complaints from the past two years and identified serious and systemic shortfalls.
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It's not for lack of trying, but ASIC is furious with the private credit sector's seeming indifference toward to the regulator's attempt to crack down on poor lending practices.
The dispute comes after Stellantis scrapped planned Jeep Compass production in Brampton and shifted future output to Illinois amid U.S. auto tariffs.
