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Showing 51 - 60 of 118 results for "SIS Act"

APRA could oversee stalled super fund mergers

KANIKA SOOD  |  WEDNESDAY, 6 FEB 2019
... mergers. The Parliament is currently waiting to pass a number of changes to the Superannuation Industry (Supervision) Act (SIS Act), including giving APRA a power to issue directions to RSE licensees. "It may be that, in particular circumstances, addressing ...

Hayne targets superannuation employer connections

KARREN VERGARA  |  MONDAY, 4 FEB 2019
... nominating the default fund for their employees by way of entertainment and sporting events, he said. Section 68A of the SIS Act provides that a trustee of an RSE or an associate of a trustee must not supply or offer to supply goods or services to a ...

Hayne recommends new regulatory overseer

HARRISON WORLEY  |  MONDAY, 4 FEB 2019
... relationship between RSE licensees and consumers, and added ASIC should be given power to enforce all provisions in the SIS Act which are or will become civil penalty provisions.

ANZ, IOOF revise wealth sale agreement

JAMIE WILLIAMSON  |  TUESDAY, 15 JAN 2019
... conflicts management frameworks. An independent report from EY suggesting IOOF Investment Management Limited breached the SIS Act and further prudential standards underpins APRA's action. The action was followed by news that IOOF managing director ...

APRA takes action against IOOF

HARRISON WORLEY  |  FRIDAY, 7 DEC 2018
... issued by big-four accounting firm EY which provided a "reasonable basis" to conclude IIML had breached section 52 of the SIS Act and prudential standards SPS 520 and 521, which relate to conflicts of interest. APRA said it would seek to disqualify five ...

More SMSF auditors disqualified

DARREN SNYDER  |  TUESDAY, 30 OCT 2018
... SMSF auditor register. Both men were referred to ASIC by the Australian Taxation Office (ATO) under section 128P of the SIS Act. From 1 July 2013, the SIS Act required all auditors of SMSFs to be registered with ASIC. This was to ensure that all SMSF ...

Royal Commission hears industry fund admitted wrongdoing to ASIC

HARRISON WORLEY  |  MONDAY, 24 SEP 2018
... billion industry superannuation fund admitted to inadvertently breaching the Superannuation Industry (Supervision) Act (SIS Act) in a breach report filed with ASIC on the penultimate day of the Royal Commission's sixth round of hearings. Making his closing ...

APRA to reopen old wounds for CBA, IOOF

KARREN VERGARA  |  WEDNESDAY, 5 SEP 2018
... executive Chris Kelaher and described him as someone who "demonstrated a failure to understand the covenants under the SIS Act and obligations of a trustee under trust law." IOOF's complicated structure has been under APRA's radar since 2016. Kelaher ...

Retail super funds in hot water: Royal Commission

KARREN VERGARA  |  MONDAY, 27 AUG 2018
... members, who continued to receive trailing commissions may potentially breaching the section 52(2)(d)(i) and (d)(iii) of the SIS Act. CBA admitted to APRA in March 2014 it breached the SIS Act on 13,000 occasions after it was unable to determine if First ...

Federal Court rules partly in favour of DomaCom

HARRISON WORLEY  |  TUESDAY, 14 AUG 2018
... Fund to a previous decision which concluded the fund had breached the Sole Purpose Test and in-house asset rules in the SIS Act when the daughter of a member of the fund rented a property held by the DomaCom Burwood sub-fund, a scheme the SMSF had invested ...