Superannuation trustees are responsible for the compulsory and voluntary retirement savings of millions of working Australians. This responsibility comes with important obligations to act in the best interests of members and to give priority to the interests of members above Read More …
Category: Superannuation
3.6 Governance, regulation and supervision
As I have explained earlier in this chapter, I consider that there should be an adjustment of the roles APRA and ASIC have in relation to superannuation. And, as I have said, the role of each agency should accord with Read More …
3.5 Regulators and trustees’ conflicts of interest
As the course of evidence before the Commission shows, trustees have not always ‘managed’ conflicts of interest by giving priority to the duties to, and interests of, beneficiaries over the duties to, and interests of, other persons. Decisions have been Read More …
3.4 Adjusting regulatory roles
In adjusting the roles of APRA and ASIC in relation to superannuation, it is very important not to draw lines in such a way that will leave gaps. If the consequence is, and it will be, that there is a Read More …
3.3 Who should regulate?
One response to doubts or difficulties about the respective roles of APRA and ASIC in connection with superannuation would be to create a new and separate regulator responsible for all aspects of supervision and regulation of the superannuation industry. The Read More …
3.2 The present division
All trustees of APRA-regulated funds must be RSE licensees under the SIS Act.[1] Most RSE licensees hold an Australian Financial Services Licence (AFSL) under Part 7.6 of the Corporations Act.[2] The SIS Act establishes the general framework for the regulation Read More …
3.1 A different regulatory task
Superannuation presents particular regulatory issues. It is a compulsory product. All who are employed, and very many of those who have been employed, will have superannuation arrangements. Superannuation performance directly affects the public purse by reducing the call on social Read More …
3 Regulatory framework
As is noted elsewhere in this Report, especially in the chapter about the Regulators, the ‘twin peaks’ model of regulation was designed so that, generally, APRA is responsible for prudential regulation and ASIC for regulation of conduct and disclosure.
2.6 Accessibility
As is too often the case with other aspects of financial services, some Australians encounter difficulties gaining access to and making effective use of some aspects of the superannuation system. In particular, Aboriginal and Torres Strait Islander peoples encounter needless Read More …
2.5 Selling superannuation
2.5.1 No hawking Superannuation is not a product to be sold. It is a compulsory product. All employees must have a superannuation account. Too many employees have more than one account. Steps taken to induce persons to hold multiple accounts Read More …