Search ResultsShowing 1 - 10 of 41 results for "Sole Purpose Test"
Superannuation mergers strike oligopoly fears
KARREN VERGARA  |  TUESDAY, 23 APR 2019
... and reviewing investment management decision-making processes, he says. "What is clear is that the super sole purpose test means funds have a primary duty to ensure the fund provides benefits to its members on their retirement," he adds. The ...
Fee for no service on APRA and ASIC radar
KARREN VERGARA  |  WEDNESDAY, 10 APR 2019
... of circumstances where services are not provided and substantiate if the deductions are consistent with the sole purpose test and in the best interests of members. They emphasised that "care needs to be taken to ensure that controls do not place ...
APRA warns trustees on expectations
ELIZABETH MCARTHUR  |  THURSDAY, 28 MAR 2019
... of interest, data and reporting, accountability and remuneration, insurance and inactive accounts, and the sole purpose test. On the issue of the sole purpose test APRA said: "The industry has previously noted that there is ambiguity around the ...
Sole purpose test divides industry
HARRISON WORLEY  |  MONDAY, 11 MAR 2019
... superannuation regulation, as the industry debates whether bonus frequent flyer points schemes breach the sole purpose test. AustralianSuper is currently offering 20,000 Qantas points to members of the airline's frequent flyer program if they ...
Sunsuper introduces advice fee caps
JAMIE WILLIAMSON  |  THURSDAY, 28 FEB 2019
... has introduced financial advice fee caps to combat unnecessary balance erosion, further ensuring the Sole Purpose Test is met. From this week, the $60 billion industry fund has capped the fees payable to a financial adviser via a ...
Conflicts of interest recommendation falls short
KARREN VERGARA  |  MONDAY, 4 FEB 2019
... the regulatory architecture underpinning our system is strong and that the best interests covenant, and sole purpose test, set high standards for trustees operating superannuation funds." Fahy said it will be important to work through each of ...
Super funds call for grandfathering ban
KARREN VERGARA  |  THURSDAY, 27 SEP 2018
... members being able to pay personal advice fees from their superannuation fund balance subject to the sole purpose test and FoFA constraints. But this should only be available if a service has clearly been provided and with the member's ...
AFA rejects criticism over grandfathered commissions
JAMIE WILLIAMSON  |  WEDNESDAY, 26 SEP 2018
... a dramatic manner, that for many their superannuation was at serious risk," the AFA said. The AFA has called for the introduction of guidance around advertising by super funds, taking into account both the sole purpose test and consumer confidence.
DomaCom concludes Federal Court action
KARREN VERGARA  |  TUESDAY, 25 SEP 2018
... if a related party is a tenant in the underlying property. Last month, the Federal Court found that the sole purpose test was not breached when a related party of an SMSF rented a Burwood property held by the DomaCom fund. The Court said the ...
Retail super funds in hot water: Royal Commission
KARREN VERGARA  |  MONDAY, 27 AUG 2018
... campaign and its investment in the New Daily or Pacific Hydro. However, he said advertising gives rise to the following issues: if political advertising is consistent with the intention behind section 62 the sole purpose test of the SIS Act.
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