Recommendation 6.3 – Superannuation – Co-RegulationGeneral principles for ASIC and APRA to co‑regulate superannuation Recommendation 6.4 – Superannuation – ASIC RoleASIC as conduct regulator for superannuation Recommendation 6.5 – Superannuation – APRA RoleAPRA to retain current functions for superannuation Recommendation Read More …
Tag: superannuation
Superannuation
Recommendation 3.1 – Trustees of RSENo other role or office for trustees of Registrable Superannuation Entities (RSE) Recommendation 3.2 –Advice Fees – My SuperNo deducting advice fees from My Super accounts Recommendation 3.3 – Advice Fees – Choice SuperLimitations on Read More …
June 2020
Enforceable Code ProvisionsRecommendation 1.15Enforceable code provisions for industry codes of conduct Mortgage Brokers – Reference CheckingRecommendation 1.6Reference checking and information sharing for mortgage brokers Point of Sale ExemptionRecommendation 1.7Removal of Point of Sale Exemption Financial Advice Annual RenewalsRecommendation 2.1Annual Renewal Read More …
Measures to Strengthen Financial Regulators
Recommendation 1.6 – Reference checking and information sharing for mortgage brokers Recommendation 2.7 – Reference checking and information sharing for financial advisers Recommendation 2.8 – Licensee obligations to report compliance concerns Recommendation 2.9 – Licensee obligations where misconduct by financial Read More …
Ensuring Strong Regulators
Ensuring strong and effective financial system regulators It is critical that our regulators have the resources and powers they need to strengthen and intensify their approach to enforcement and supervision, and take on expanded responsibilities to address and deter misconduct Read More …
Superannuation binding death benefit nominations for indigenous people
The Government will consult with Aboriginal and Torres Strait Islander peoples and relevant representative bodies as well as the superannuation industry about difficulties in using binding death benefit nominations.
6.3 — General principles for co regulation
The roles of APRA and ASIC in relation to superannuation should be adjusted to accord with the general principles that: APRA, as the prudential regulator for superannuation, is responsible for establishing and enforcing Prudential Standards and practices designed to ensure Read More …
4.1 — No hawking of insurance
Consistently with Recommendation 3.4, which prohibits the hawking of superannuation products, hawking of insurance products should be prohibited. Government Response The Government agrees, consistent with the Government response to Recommendation 3.4 (about the hawking of superannuation products), that hawking of Read More …
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 employee share scheme. The law Read More …
3.3 — Limitations on deducting advice fees from choice accounts
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 …