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Australian super fund Rest paid $37,560 in penalties for falsely claiming members had active insurance they’d canceled.
Australian super fund Rest has paid $37,560 in penalties after ASIC found it misled over 2,000 members between June 2024 and January 2025 by falsely indicating they had active death, disability, or income protection insurance.
The fund sent statements and emails suggesting insurance was active and premiums were being charged, despite many members having cancelled or opted out.
ASIC said Rest had no authority to reinstate cover without consent.
The settlement, without an admission of liability, supports ASIC’s 2025 focus on improving member services and protecting retirement savings amid reforms limiting default insurance.
El fondo australiano Rest pagó $37.560 en multas por afirmar falsamente que los miembros tenían un seguro activo que habían cancelado.