Federal Court Orders Mercer to Pay A$10.3 Million for Years of Breach Reporting Failures

According to the Federal Court of Australia, Mercer Superannuation (Australia) Limited has been ordered to pay A$10.3 million in civil penalties for failing to comply with the country's mandatory breach reporting regime between 2021 and 2024. The company was also ordered to pay A$1.2 million towards the Australian Securities and Investments Commission's legal costs, bringing the total financial impact to A$11.5 million. The judgment found that Mercer admitted multiple contraventions, including failing to lodge mandatory reports to ASIC within statutory timeframes, failing to report some reportable situations altogether, and maintaining inadequate compliance systems.
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