Deduction of any advice fee (other than for intra‑fund advice) from superannuation accounts other than MySuper accounts should be prohibited unless the requirements about annual renewal, prior written identification of service and provision of the client’s express written authority set Read More …
Tag: advice fee
3.2 — No deducting advice fees from MySuper accounts
Deduction of any advice fee (other than for intra‑fund advice) from a MySuper account should be prohibited. Government Response The Government agrees to prohibit the deduction of any advice fees from a MySuper account (other than for intra–fund advice).
Increasing protections
There are recommendations that seek to change, or add to, the law, or industry codes of conduct, in ways that will increase protections to consumers from misconduct or conduct that falls below community standards and expectations. Those recommendations are: about Read More …
Trustees’ obligations
Recommendation 3.1 – No other role or office The trustee of an RSE should be prohibited from assuming any obligations other than those arising from or in the course of its performance of the duties of a trustee of a Read More …
Submission themes
The following summaries provide further analysis of the key themes or conduct that was raised in public submissions received by the Commission. Figure 13: Superannuation submissions: Key themes Excessive fees The Commission received over 250 submissions focused on unreasonably high 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 …
4.4 Changing the pricing for the IPS Fund
In 2018, IIML decided to make some pricing changes as part of ‘Project Evolve’, a broader strategy to simplify IIML’s administration systems.[1] According to an internal analysis presented to IIML’s leadership group, 29,263 members of IOOF Employer Super (IES) would Read More …
3.2 Evidence
3.2.1AMP superannuation funds ASL and NM have common boards of directors, and the boards operate concurrently.[1] Between them, ASL and NM are responsible for eight superannuation funds.[2] At August 2018, those funds had approximately $120 billion in funds under management.[3] Read More …
2.2 Evidence
2.2.1Conduct in respect of MySuper CFSIL obtained authorisation to offer a MySuper product in 2013.[1] The product was a life stages offering made available through the FirstChoice Employer Super product.[2] CFSIL also obtained authorisation in 2013 to offer a MySuper Read More …
1.3 What the case study showed
1.3.1Conduct in respect of PSFs As noted above, I make no findings about the matters alleged by ASIC in its proceedings against NAB in relation to PSFs. I do, however, wish to say something about the actions of those within Read More …