AustralianSuper faces questions from APRA after handing over details of its two million members to The New Daily
One of the nation’s largest super funds has come under scrutiny for handing over the personal details of two million members to the publication.
One of the nation’s largest super funds, AustralianSuper, is being examined for allowing its customer data of more than two million members to be handed over to news website, The New Daily.
It comes as the media outlet – owned by industry super fund umbrella company Industry Super Holdings – was forced to apologise and pay costs to Superannuation Minister Jane Hume for an article written by commentator Michael Pascoe.
On Wednesday it was revealed the financial regulator, the Australian Prudential and Regulation Authority, is examining AustralianSuper after revelations showed the industry super fund gave their members’ information away to the news website.
Senator Andrew Bragg said the inquiries into AustralianSuper was a good result and criticised the independence of The New Daily publication.
“The so-called news organisation was set up to be biased,” he said in an issued statement.
“A letter obtained by the Hayne royal commission with the initial pitch for cash from Industry Super Australia was revealing.
“It claimed The New Daily would ‘have a slight tilt towards using industry super spokespeople for quotes’.”
At Senate estimates on Wednesday APRA confirmed it is working with the Privacy Commisioner in its investigations of the data shared by AustralianSuper with The New Daily.
Mr Bragg said The New Daily has received more than $30 million in funds from ISH in recent years.
An AustralianSuper spokesman declined to comment on the probe.
APRA is already investigating superannuation funds’ spending on marketing, advertising and sponsorship.
The New Daily this week published an apology to Senator Hume after the article written by Mr Pascoe, which was published on April 27, regarding the nation’s lack of a beneficial ownership register included criticism of aspects of the commonwealth government policy.
A note on their website said Senator Hume had, “raised concerns that the article could be understood to question her integrity and unfairly impugn her character and professional reputation.
“Insofar as the comments in the article were capable of being understood to refer to Senator Hume personally, we retract and withdraw them and apologise to Senator Hume for any hurt and distress which has been caused.”
Senator Bragg said at Senate estimates he would continue to pursue The New Daily’s spending $30 million in superannuation guarantee contributions.
Senator Hume’s office and The New Daily were both contacted for comment.
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