APRA is Australia’s prudential regulator, with responsibility for banking, insurance and superannuation.[1] Among other things, it regulates RSE licensees and has the general administration of important parts of the SIS Act.[2] Helen Rowell, Deputy Chairman of APRA, told that Commission Read More …
Category: Case Studies: Superannuation
15.1 ASIC
15.1.1 Approach to regulation Peter Kell, Deputy Chairman of ASIC, told the Commission that ASIC’s regulatory aim is to have a superannuation system that delivers good outcomes for consumers.[1] He said that ASIC is concerned with the fair treatment of Read More …
15 Regulatory responses
14.3 What the case study showed
14.3.1 Aon Hewitt On the limited material I have, it may be that the advisers concerned may have breached each of sections 941B(1), 946A(1) and 961B of the Corporations Act on each occasion a switch was made, if the switch Read More …
14.2 Evidence
14.2.1 Aon Hewitt The first concerned Aon Hewitt Financial Advice Limited (Aon Hewitt), which offers financial advice services. It has 185 financial advisers, 149 of whom are authorised representatives of Aon Hewitt. Aon Hewitt is part of the Aon Group, Read More …
14.1 Background
Each of the case studies concerning Colonial First State, IOOF and AMP included consideration of whether the interests of members – having their superannuation invested in a simple, low-cost product – were subjugated to the interests of the relevant retail Read More …
14 MySuper and other retail groups
13.3 What the case study showed
In each case, members were charged fees for services that were not provided because of failures in the trustee’s systems. StatePlus did not update its procedures. OPC failed to follow its procedures. Asgard and BT had both inadequate procedures and Read More …
13.2 Evidence
13.2.1 StatePlus StatePlus is the RSE licensee for the StatePlus Fixed Term Pension Plan and the StatePlus Retirement Fund.[1] As at 30 June 2017, the funds had, respectively, $7.6 million under management in respect of 632 members and $17.228 billion Read More …
13.1 Background
Each of the case studies concerning Colonial First State (CFS), NAB and AMP included consideration of trustees charging fees for services that were not provided. The Commission received evidence in three other case studies that raised similar issues. The three Read More …