Media Centre

The latest media releases and other key information and news about Aware Super.

Key information

Contact our Media team

Who are we?

Previously known as First State Super we changed our name to Aware Super in September 2020.

Aware Super is a name that reflects our members and what we stand for. It echoes the strengths of our past, aligning to our purpose to be a force for good in superannuation, retirement, and advice, driving better outcomes for our members, their families, and communities.

Aware Super has been the fund for people who value community since 1992, and we’re now one of Australia’s largest funds and continuing to grow. We merged with VicSuper and WA Super in 2020 and now manage $150 billion in savings for more than 1 million members located across the country.

Our members work in roles that breathe life into their communities and they expect us to do the same. So, we invest in assets that we believe will make a positive difference today – improving our communities, building a more sustainable economy and supporting employment both locally and globally at the same time as providing strong long-term returns.

Discover how we’re helping members do well financially while doing good in the world. Learn more.

The facts

Asset pool

$150 billion

Members and clients

1.1 million

Industries

Health Care, Education, Aged Care and Disability Support Sector, Police, Fire and Emergency Services, Public Sector

% women

70%

How to refer to us

Aware Super
Aware Financial Services Australia Limited when referring to our financial advice business

When referencing previous brand First State Super

Aware Super (a new name for First State Super)

Our people

Our trustee board is made up of an independent chair and 14 member and employer representatives that ensure our fund acts in the best interests of members at all times.

Meet our Board of Directors Meet our Executive team

Annual report

View Annual Report

Media enquiries

To request an interview or if you require further information, please contact media@aware.com.au

Key contact

Di Lloyd

Senior Manager External Affairs

0419 177 599

Adverse Publicity Notice

The Federal Court of Australia has ordered Aware Financial Services Australia Limited (Aware Financial Services) (previously known as State Super Financial Services Australia Limited or StatePlus) to publish this notice. Aware Super Pty Ltd acquired Aware Financial Services on 6 June 2016.

On 17 February 2022, Justice Moshinsky of the Federal Court of Australia (in proceeding VID 551 of 2020) ordered Aware Financial Services to pay a pecuniary penalty of $20,000,000 for contravening Australia’s financial services laws.

The Court found that Aware Financial Services contravened these laws between 21 August 2014 and 30 June 2018 by accepting payments from Advice Clients when there were reasonable grounds to believe that it would not be able to supply those reviews to all such clients within an annual period. Advice Clients were (a) Bundled Clients who received written disclosure from Aware Financial Services on or after 1 April 2013 that they would be provided with an Annual Review Service; and/or (b) Unbundled Clients who entered into an ongoing advice service arrangement that included provision of an Annual Review Service.

In many cases, Aware Financial Services did not in fact provide the promised reviews. Between 21 August 2014 and 30 June 2018, approximately 25,300 clients paid fees to Aware Financial Services without receiving the appropriate number of annual reviews from Aware Financial Services.

After reporting this conduct to the Australian Securities and Investments Commission (ASIC), Aware Financial Services has remediated approximately $104.8 million in fees, interest and lost earnings to clients who did not receive and did not decline their annual review entitlements.

Aware Financial Services agrees that it failed to maintain an adequate standard of internal controls and compliance systems that may have avoided the potential harm to consumers. It has since made changes designed to uplift those controls and compliance systems in an effort to ensure this conduct does not recur.

Further Information

Aware Financial Services’ misconduct contravened the following financial service laws:

section 12DI(3) of the Australian Securities and Investments Commission Act 2001 (Cth); and
sections 912A(1)(a), (b) and (c) of the Corporations Act 2001 (Cth).

For further information about Aware Financial Services’ misconduct, see the following links:

Media releases

2022

Digital transformation underscores benefits of mergers for super members

Asset pool	$150 billion
Members and clients	1.1 million
Industries	Health Care, Education, Aged Care and Disability Support Sector, Police, Fire and Emergency Services, Public Sector
% women	70%
How to refer to us	Aware Super Aware Financial Services Australia Limited when referring to our financial advice business
When referencing previous brand First State Super	Aware Super (a new name for First State Super)