Reading about a Fund train wreck on the Australian Business section and I came across this gem...
"in announcing the $55 million rescue .... It will be funded via an industry levy of about 2c per $100 on people with super accounts in APRA-regulated funds."
Can someone please clarify? Someone stole funds from blind Freddy's Fund and everyone with a APRA-regulated super fund gets to cough up for their comrades damages all because the fund manager couldn't see a swindle if it hit them with a 2x4?
"in announcing the $55 million rescue .... It will be funded via an industry levy of about 2c per $100 on people with super accounts in APRA-regulated funds."
Can someone please clarify? Someone stole funds from blind Freddy's Fund and everyone with a APRA-regulated super fund gets to cough up for their comrades damages all because the fund manager couldn't see a swindle if it hit them with a 2x4?
