Superfund directors could face up to 5 years in jail and/or $340,000.00 in fines if they breach some of the superannuation laws under a set of proposals currently being considered by the Federal Government.

 

The proposed laws apply to big superannuation funds by could also apply to individuals who operate their owns Self Managed Superfund (SMSF's).

 

As part of the changes the superannuation regulator, will also be given more powers to use against a fund should it believe that the directors of the fund are not acting in the best interests of its members.

 

These powers will allow the regulator to refuse or cancel a fund's registration.