Rest statement on ASIC proceedings

Tuesday, 2 March 2021

Rest acknowledges today’s announcement by ASIC of proceedings in the Federal Court.

As a profit-to-member fund Rest has the best financial interests of members at our core. We are disappointed with ASIC’s decision to launch proceedings about a matter that Rest reported to the regulator, and for which Rest is remediating affected members.

The proceedings relate to the disclosure of an internal business process that was removed in May 2018 that required some members to provide an employment termination date or separation certificate to process a rollover of superannuation from Rest into another fund.

Rest is currently contacting and remediating members who may have experienced a delay in the transfer of their super as a result of the application of this business process between 1 January 2014 and 2 May 2018.