Search ResultsShowing 1 - 10 of 76 results for "SIS Act"
IOOF establishes super trustee office
HARRISON WORLEY  |  WEDNESDAY, 21 AUG 2019
... newly vested powers and directed IOOF to implement and maintain the OST or risk facing a financial penalty under the SIS Act. Recently appointed IOOF chief executive Renato Mota said the wealth manager had been working "diligently" to implement ...
Associations raise member outcomes concern
KARREN VERGARA  |  FRIDAY, 21 JUN 2019
... needs are being met, AIST said. Industry Superannuation Australia echoed the AIST's concerns. Amendments to the SIS Act means the "pre-emptive release" of draft SPS 515 does not accurately reflect the new law and requires revision; it also ...
Wills and BDBN raise adviser interest
KARREN VERGARA  |  FRIDAY, 7 JUN 2019
... offer greater planning opportunities and flexibilities that's not available in large super funds," she said. The SIS Act allows the executor or administrator of the estate to act as trustee on behalf of deceased member, she said, but this is ...
APRA flexes new muscles
HARRISON WORLEY  |  WEDNESDAY, 22 MAY 2019
... (AET) have now been ordered by APRA to set up the OST by 30 June, or risk facing a financial penalty under the SIS Act. Today, the prudential regulator recognised IOOF has made progress towards meeting its license conditions, but said the ...
Superannuation mergers strike oligopoly fears
KARREN VERGARA  |  TUESDAY, 23 APR 2019
... performers, and impose civil and criminal consequences if trustees and directors breach sections 52 and 52A of the SIS Act. "In some instances, acting in the best interests of members will require underperforming funds to merge or exit the ...
Government bans superannuation funds treating employers
KARREN VERGARA  |  WEDNESDAY, 10 APR 2019
... its annual $260,000 spend on hosting employers at the Australian Open Tennis. Hayne said Section 68A of the SIS Act does not go far enough in preventing "treating" employers and called for the Act to be amended to include a civil penalty ...
Kelaher to leave IOOF
ELIZABETH MCARTHUR  |  THURSDAY, 4 APR 2019
... (Supervision) Act, describing him as someone who "demonstrated a failure to understand the covenants under the SIS Act and obligations of a trustee under trust law." Commenting on the departure of Kelaher, Griffiths said: "The board would ...
Government moves on Royal Commission super recommendations
HARRISON WORLEY  |  WEDNESDAY, 13 FEB 2019
The Federal Government has amended the SIS Act and some of its superannuation bills to include recommendations made in the Royal Commission's final report. Superannuation fund trustees are set to be banned from treating employers in efforts to ...
APRA could oversee stalled super fund mergers
KANIKA SOOD  |  WEDNESDAY, 6 FEB 2019
... 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 ...
Hayne targets superannuation employer connections
KARREN VERGARA  |  MONDAY, 4 FEB 2019
... 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 ...
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