Hawking of superannuation products should be prohibited. That is, the unsolicited offer or sale of superannuation should be prohibited except to those who are not retail clients and except for offers made under an eligible employee share scheme. The law Read More …
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‘Selling’ superannuation
Recommendation 3.4 – No hawking Hawking of superannuation products should be prohibited. That is, the unsolicited offer or sale of superannuation should be prohibited except to those who are not retail clients and except for offers made under an eligible Read More …
Introduction
In the previous chapters I have sought to explain the conclusions and recommendations I have reached about many of the issues that have arisen in the course of the Commission’s work. For the most part, the issues dealt with in Read More …
3.3 Accountability
Accountability is centrally important to any consideration of culture, governance and remuneration. Clear accountability is vital to effective governance. It ensures that issues are resolved, and resolved effectively. It fosters a culture where risks are managed soundly. It lies at Read More …
2.2 Best interests of members and conflicts of interest
The best interests covenant is simply stated. Yet the conduct examined by the Commission, and submissions made by trustees, suggested that some trustees had difficulty understanding when and how the covenant applied. For example, one group of trustees said that Read More …
2.3 Were the responses adequate?
Between them, AMP, ANZ, CBA, NAB and Westpac will pay customers of their advice licensees or their superannuation funds compensation totalling $850 million, or more, for taking money as payment for services that were not provided. Each of those entities Read More …
6.2 The purpose of industry codes
Industry codes of practice occupy an unusual place in the prescription of generally applicable norms of behaviour. They are offered as a form of ‘self‑regulation’ by which industry participants ‘set standards on how to comply with, and exceed, various aspects Read More …
2.3 Best interests duty
If, in practice, brokers were to act in the best interests of borrowers, poor customer outcomes of the kinds identified by CBA in its submissions to the Sedgwick Review, and by ASIC in its March 2017 report, would be reduced. Read More …
1 Direct lending under the NCCP Act
Direct lending is a core business of banks. The issues that emerged during the Commission in relation to direct lending were of two kinds: issues about compliance with existing norms of conduct (both statutory and voluntarily assumed under the Banking Read More …