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Showing 21 - 30 of 64 results for "Sole Purpose Test"

Super funds need to act like banks: PM

ELIZA BAVIN  |  FRIDAY, 17 APR 2020
... investment capacity." However, the FSC added superannuation funds have legal obligations to invest with regard to the sole purpose test, which requires funds to be maintained for the sole purpose of delivering retirement benefits to members. "Each individual ...

Legal fight could change super game

ELIZABETH MCARTHUR  |  FRIDAY, 8 NOV 2019
... special counsel at Mills Oakley, explained the case has ramifications for the ways super funds interpret the sole purpose test. "The sole purpose test is 25 years old and guidance is warranted, especially in what appears to be an era of social and environmental ...

Superannuation mergers strike oligopoly fears

KARREN VERGARA  |  TUESDAY, 23 APR 2019
... members 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 undue ...

APRA warns trustees on expectations

ELIZABETH MCARTHUR  |  THURSDAY, 28 MAR 2019
... conflicts 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 ...

Sole purpose test divides industry

HARRISON WORLEY  |  MONDAY, 11 MAR 2019
... of 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 join ...

Sunsuper introduces advice fee caps

JAMIE WILLIAMSON  |  THURSDAY, 28 FEB 2019
... Sunsuper 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 clients' ...

Conflicts of interest recommendation falls short

KARREN VERGARA  |  MONDAY, 4 FEB 2019
... that 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 the ...

Super funds call for grandfathering ban

KARREN VERGARA  |  THURSDAY, 27 SEP 2018
... supports 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 consent ...

AFA rejects criticism over grandfathered commissions

JAMIE WILLIAMSON  |  WEDNESDAY, 26 SEP 2018
... has called for the introduction of guidance around advertising by super funds, taking into account both the sole purpose test and consumer confidence.