ASIC said it was concerned that the current market conditions are contributing to an increase in the number of people attempting to gain illegal early access and warned that such access could have significant legal and financial penalties. ASIC also asked investors to be wary of promoters promoting early access saying early access to super is illegal except in very limited circumstances. ASIC has released a consumer brochure which it encourages trustees to distribute to super fund members.

ASIC has also prepared a briefing document for the major superannuation industry associations, providing them with information about illegal super schemes, how to identify them and tips and pointers to minimise the risk of fraud on a super fund. ASIC said it has provided the industry associations with copies of the briefing document to distribute to trustees.

Source: ASIC advisory 09-158AD, 28 August 2009