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Showing 241 - 250 of 539 results for "Supervision"

Frydenberg boosts APRA funding

HARRISON WORLEY  |  MONDAY, 5 NOV 2018
The Federal Government has moved to strengthen supervision of the financial services industry, boosting APRA's funding and reappointing chair Wayne Byres for five years. The prudential regulator will welcome an extra $58.7 million in funding over ...

DomaCom concludes Federal Court action

KARREN VERGARA  |  TUESDAY, 25 SEP 2018
... (trustee of the Benson Fund) to breach the sole purpose test set out in section 62 of the Superannuation Industry (Supervision) Act. Aussiegolfa must pay 40% of the ATO's costs incurred from the first proceeding and the appeal respectively. In relation ...

CommInsure, TAL engaged in troubling conduct: Royal Commission

KARREN VERGARA  |  MONDAY, 24 SEP 2018
... claim for the benefit of a beneficiary" and contravened section 52, subsection (7)(d) of the Superannuation Industry (Supervision) Act. Costello added it was open to the Commissioner to find Rest may have engaged in conduct falling below community standards ...

Royal Commission hears industry fund admitted wrongdoing to ASIC

HARRISON WORLEY  |  MONDAY, 24 SEP 2018
A $52 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 ...

MLC, NULIS in court over $100m in illegitimate fees

JAMIE WILLIAMSON  |  THURSDAY, 6 SEP 2018
... Nominees failed to act in the best interests of members; a breach of general law duties and the Superannuation Industry (Supervision) Act 1993. In response, NAB chief legal and commercial counsel Sharon Cook said NAB is still assessing the details of ...

Trustees caught in a balancing act

KARREN VERGARA  |  THURSDAY, 6 SEP 2018
... risks. Trustees have to exercise a high standard of care to comply with section 52 of the Superannuation Industry (Supervision) Act, which binds them to act honestly; exercise a degree of care, skill and diligence, as well as act in the members' ...

APRA to reopen old wounds for CBA, IOOF

KARREN VERGARA  |  WEDNESDAY, 5 SEP 2018
... unearthed new information that posed serious compliance questions not in accordance with the Superannuation Industry (Supervision) Act. APRA warned namely the trustees of Suncorp, Colonial First State and IOOF it is reviewing material to identify further ...

Retail super funds reject MySuper delays

KARREN VERGARA  |  TUESDAY, 4 SEP 2018
... superannuation funds have rejected claims they fell below community standards and contravened the Superannuation Industry (Supervision) Act by delaying the transition of members into cheaper MySuper products. In response to recommendations put forth ...

Equity Trustees net profit up 28pct, execs get bonuses

KANIKA SOOD  |  WEDNESDAY, 22 AUG 2018
... officer, was awarded $230,000 in STIs which is 6% above his eligible award. Equity Trustees funds under management, supervision and administration grew 21% in FY18 to hit $86 billion. These generated revenue of $88.5 million which is an 11% increase ...

Poor systems delay MySuper transitions: CFS

KARREN VERGARA  |  WEDNESDAY, 15 AUG 2018
... into cheaper MySuper default products. CFS reported to APRA it breached section 29WA of the Superannuation Industry (Supervision) Act which sets out what happens when a member doesn't elect a MySuper product. The member has either not provided a ...