The members of the VicSuper superannuation fund alleged that the fund had made false and misleading representations about its entitlement to charge plan service fees and members' obligations to pay the fees. Hence the fund failed to provide financial services honestly and fairly. Which authority should be the primary regulator for investigating this allegation?

a.

The federal Parliament as it has the legislative power of the Commonwealth.

b.

APRA as it is the primary regulator for superannuation funds

c.

ASIC as it is responsible for regulating financial services and financial markets in Australia

d.

RBA as it is accountable for maintaining the stability of the entire financial system