Australia's corporate watchdog on Tuesday revealed superannuation trustees would be in the sights of its investigators in the coming year as it unveiled its 2025/26 corporate plan.
Peoples' faith in superannuation trustees had been stretched to the limit, Australian Securities and Investments Commission chair Joe Longo said.
"With around three million Australians reaching superannuation preservation age in the next 10 years, and at least $750 billion in funds shifting from the accumulation phase to the retirement phase, superannuation trustees must do better," he wrote in the plan.
"(We have) acted swiftly and dedicated considerable resources to investigate the high-pressure sales tactics, clickbait advertising and other dubious tactics that resulted in thousands of investors switching their superannuation into high-risk funds with the potential for significant losses."
The release coincided with the watchdog formally accusing a superannuation firm of steering thousands of members into investing in a master fund with no track record.
ASIC's Federal Court action against ASX-listed Equity Trustees alleges it failed to exercise caution when it allowed members to invest in the Shield Master Fund and did not act in the best financial interests of said members.
Equity Trustees, which oversees approximately $88 billion in funds owned by about 800,000 members, said it fully co-operated with the commission's investigation and was reviewing the claim.
The commission says it has launched 50 per cent more investigations in the past year, up to 252.
Lawsuits seeking court penalties increased 20 per cent.
Being seen to be a tougher cop on the beat by bringing more legal action would let people feel their money was in safer hands, Mr Longo said.
"'That transformation is key to ensuring ASIC can continue to serve the Australian community," he said.
"The operating environment for our financial ecosystem is increasingly complicated and that requires a well-calibrated response … we direct our efforts and finite resources to areas where we see the greatest risks and potential harms."
The watchdog is also looking at how it can simplify regulation so people can better understand rights and obligations under financial law.
ASIC's push to cut red tape includes simplifying forms, processes and digital interactions and law reform proposals to reduce unnecessary reporting and paperwork.
"This plan demonstrates our commitment to being a modern, confident and ambitious regulator," Mr Longo said.
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