ASIC case against REST dismissed

The Federal Court has dismissed ASIC’s case against REST Super for alleged misleading representations of members’ rights to transfer money out of the fund.  

The proceedings started in March 2021. The market watchdog alleged that from at least 2 March 2015 to 2 May 2018, REST made representations that discouraged, and in many cases delayed or prevented, members from transferring funds to another super fund. 

ASIC also alleged that this conduct resulted in REST retaining a higher level of funds under management than would otherwise have occurred. 

ASIC said it will consider the judgment carefully, and has 28 days to lodge appeal should it decide to do so.