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 …
Tag: failure
11.3 What the case study showed
11.3.1 Misconduct AAI accepted that it had contravened the General Insurance Code of Practice in four ways in the course of its dealings with the Healds. First, AAI accepted that it had breached clause 7.2, which required it to conduct Read More …
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 …
4.2 The APRA proceedings
On 6 December 2018, APRA commenced proceedings against IIML, Questor, Mr Kelaher, and four other individuals holding senior positions at IOOF: the Chair, George Venardos; the Chief Financial Officer, David Coulter; the General Manager – Legal Risk and Compliance and Read More …
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 …