Retail Employees Superannuation Pty Ltd (Rest) has paid more than $37,000 to ASIC after the firm inadvertently activated insurance cover for more than 2,000 members.
From June 2024 to January 2025, Rest issued annual statements and emails to affected members indicating they held active death, TPD and/or IP insurance in the fund.
However, each of the affected members had previously cancelled, chosen not to receive, lost or otherwise not held insurance cover in the fund.
In sending both the annual statements and emails to each affected member, ASIC alleges Rest made false or misleading representations that it had a right to activate insurance cover for the member and, as a result, deduct insurance premiums from the member’s superannuation account, in circumstances where the company had no such right.
Rest paid two infringement notices totalling $37,560 on 22 September 2025. Payment is not an admission of liability, states ASIC.
