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Vanguard to acquire custodian Altruist
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FAAA pushes to expand NCA to financial advisers
Financial Advice Association Australia (FAAA) said it will advocate strongly to expand the scope of the New Class of Advisers' to all financial advisers, which will currently be limited to only superannuation funds and life insurers.
SMSFA appoints head of professional standards
The Self-Managed Super Fund Association (SMSFA) has appointed Keddie Waller as the head of professional standards.
UniSuper unlocks close to $15k for members moving into retirement
Eligible UniSuper members will receive a tax-free bonus of up to $14,700 when they move into retirement phase from October 1.
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Featured Profile
Liza McDonald
HEAD OF RESPONSIBLE INVESTMENT
AWARE SUPER
AWARE SUPER
Liza McDonald would have you believe her path from a legal secretary to the head of responsible investment at Aware Super was a matter of good fortune. Her career says otherwise. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
If they are non-compliant they should be issued with some kind of infraction notice. Give them two chances then if it happens again, ban them from having their own SMSF for life.
What an appalling article. The headline that 75,000 funds being non-compliant is a complete misstatement of the facts. I was at the the ICAA conference and in no way did Stuart Forsyth state that 15% of funds are non compliant.
He indicated that that 85% to 95% are responsible and act within the law. The 5% to 15% that do not act responsibly include in the main minor administrative breaches. He further indicated that approximately 2% of funds receive audit contravention reports from their independent auditors. It is the auditors role to issue the ACRs (not the ATO as written in the article) and the vast majority of the breaches are recified.
The ATO issues very few non-compliance notices but when they do it is a result that the trustees have had no regard to the law and deserve to be penalised.