Superannuation Discussion + market volatility

[cove]

If a large super fund gets fined isn’t the fine coming out of their members funds?

 

[Pushka]

If a large super fund gets fined isn’t the fine coming out of their members funds?

About time the directors and boards face the music. Or at least those in charge of security issues. But no. It's the members again. Hacked on the way in and fined on the way out.

 

[Quickstatus]

If a large super fund gets fined isn’t the fine coming out of their members funds?

I think so unless the fine is on the directors and executives. Essentially the hackers get $$$ and then the govt goes in and gets $$$.

Not one cent of the the ACCC fines for QF, VW, Ford went to plaintiffs.

 

[burmans]

There's a lot of articles (a couple of them are well presented) on the credential stuffing incident.

Multiple local super funds hit by coordinated cyberattack

It's only really of concern to pension accounts - they have banking details for regular payments which can be accessed.

From the SMH article, the relevant information:



and

Still having problems signing onto Australian Super but managed to do so yesterday. Personally not unhappy they are taking a bit of time and do have 2FA enabled.

 

[MARTINE]

Still having problems signing onto Australian Super but managed to do so yesterday. Personally not unhappy they are taking a bit of time and do have 2FA enabled.

I have some funds in Aus Super and Hesta - able to get into both with no hassles (or loss of funds)

 

[Quickstatus]

In other news AustralianSuper has to pay $27M penalty:

27M / 3.5M members = $7.70 per member or 65c per months for 12month. I pay $30/month admin fee

 

[Brissy1]

About time the directors and boards face the music. Or at least those in charge of security issues. But no. It's the members again. Hacked on the way in and fined on the way out.

But who holds them to account? Not the super members. This from Australian Super...

"Member and Employer Directors are appointed by the Trustee’s shareholders. The shareholders are the Australian Council of Trade Unions (ACTU) (through ACTU Super Shareholding Pty Ltd) and the Australian Industry Group"