ob体育 will look to take strong, targeted enforcement action in the coming months and into 2024, as part of its focus on member outcomes in the superannuation sector.
The enforcement focus comes after ob体育鈥檚 enforcement and regulatory update highlighted ob体育鈥檚 work to protect consumers, including calling on banks to ensure better consumer outcomes and civil penalty action against Westpac Banking Corporation after alleged failures to address financial hardship notices.
ob体育 Chair Joe Longo said, 鈥楾he July to September quarter saw ob体育 achieve strong results in court and file significant matters that go toward our ongoing work to protect consumers.
鈥極ur focus on the best interests of members in the superannuation sector is part of our continuing work to make the financial system fair for all Australians,鈥� concluded Mr Longo.
During the quarter, ob体育 also took action against AustralianSuper to further protect superannuation members, alleging failures to address multiple member accounts. The failure to merge duplicate accounts is problematic across the Superannuation industry. ob体育 expects to take further action in relation to member services failures in the super sector.
ob体育 also filed its second and third greenwashing matters during the quarter, with allegations of misleading statements made against Active Super and Vanguard Investments Australia.
ob体育 also saw its action against Australia and New Zealand Banking Group Limited (ANZ) finalised with a $15 million penalty handed down by the Federal Court for misleading customers as to the funds available in certain credit card accounts.
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Report 777 ob体育 enforcement and regulatory update: July to September 2023