On January 30, ASIC commissioner Simone Constant delivered a speech in the Victorian seaside town of Sorrento, where Conexus Financial was holding a two-day event for the chairs of superannuation funds and their investment committees.

The title of Constant’s speech was painted in regulatory beige: “Delivering a step-change in superannuation”. But her message to the cosy little gathering of super fund bosses – Chanticleer wonders what other industries would the chairmen of apparent competitors get together like this – was very clear: the corporate cop has real concerns whether funds are “doing all they should for their members or customers” and it was determined to force change.