Section 68A of the SIS Act should be amended to prohibit trustees of a regulated superannuation fund, and associates of a trustee, doing any of the acts specified in section 68A(1)(a), (b) or (c) where the act may reasonably be understood by the recipient to have a substantial purpose of having the recipient nominate the fund as a default fund or having one or more employees of the recipient apply or agree to become members of the fund.
The provision should be a civil penalty provision enforceable by ASIC.
Government Response
The Government agrees to amend the Superannuation Industry (Supervision) Act 1993 to facilitate enforcement of this provision.