Offering a product as a MySuper product when not authorised to do so
29W Offering a product as a MySuper product when not authorised to do so
A person commits an offence if:
the person makes a representation; and
the representation is that a class of beneficial interest in a regulated superannuation fund is a MySuper product; and
the RSE licensee for the fund does not have authority to offer a beneficial interest of that class in the fund as a MySuper product.
Penalty: 60 penalty units.
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.
Subsection (1) is an offence of strict liability.
For strict liability, see section 6.1 of the Criminal Code.
This Act’s bill:Second reading speech
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