Australian Securities and Investments Commission v Statewide Superannuation Pty Ltd [2021] FCA 1650

Federal Court of Australia

Australian Securities and Investments Commission v Statewide Superannuation Pty Ltd [2021] FCA 1650 File number: SAD 25 of 2021

Judgment of: BESANKO J

Date of judgment: 22 December 2021

Date of publication of reasons: 17 January 2022

Catchwords: CORPORATIONS — application for declarations of contraventions of Corporations Act 2001 (Cth) and Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), pecuniary penalty orders and ancillary orders including adverse publicity order and order for review and remediation program — where defendant registrable superannuation entity licensee with respect to superannuation fund — where defendant maintained group life and income protection insurance policies with third-party provider under which members of fund eligible to be insured — where defendant admits contraventions of s 12DB(1)(g) and (i) of ASIC Act by issuing annual statements to members in November and December 2018 and in November and December 2019 containing false or misleading representations concerning members' insurance cover — where defendant admits contravention of s 912D(1B) and (3) of Corporations Act by failing to lodge written report with plaintiff before 6 August 2019 — where defendant accepts appropriate to make declarations and ancillary orders — where parties differ as to appropriate pecuniary penalties — consideration of relevant matters in determining pecuniary penalties under s 1317G(6) of Corporations Act and s 12GBB(5) of ASIC Act — where common ground that contraventions not deliberate or motivated by desire to generate profit — whether appropriate to characterise conduct contravening s 12DB(1)(g) and (i) of ASIC Act as single course of conduct or as two courses of conduct — whether relevant to take into account as part of consideration of specific and general deterrence defendant's proposed merger with larger superannuation fund — orders for pecuniary penalties totalling $4 million