In a recent update by Jane Eccleston, ASIC Superannuation Senior Executive Leader, she reminds superannuation fund trustees of their obligations to support and protect whistleblowers as well as to implement a whistleblower policy. 

In 2019-20, ASIC claims to have assessed close to 650 reports from whistleblowers with approximately 25 per cent of whistleblower reports raised concerns of potential financial services and markets misconduct. Whistleblowers in the super sector alerted ASIC to misconduct by trustees which included poor investment advice, inappropriate fees and misleading members.  

In the coming year, ASIC will begin surveying whistleblower policies from a range of public companies, large propriety companies and super trusties in an attempt shine a light on compliance with the legal requirements and the extent to which these companies are implementing good practices. It will also focus on the nature and content of whistleblower policies to better understand how companies and trustees are responding to the obligations. 

Read the full update here.