Fact File - Continues action on Lifetrack

ASIC has noted IOOF’s proposed purchase of AM Corporation’s superannuation and insurance business, whereby the superannuation schemes and funds previously managed by Lifetrack Management Limited will have a new approved trustee and a new responsible entity appointed, respectively.

ASIC has been actively involved in recent months with Lifetrack and the Australian Prudential Regulatory Authority about the level of disclosure to Lifetrack members, and has recently required the company to send a letter to members as a matter of priority, with more information about developments regarding the Fixed Term Traded Policies Fund.

ASIC has required Lifetrack to offer an extension of the January 2003 redemption window so that members can consider the developments.

ASIC will continue working with APRA and IOOF in relation to the handling of future redemptions from the FTTPF and other disclosure issues arising from the sale of the business.