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Showing 31 - 40 of 135 results for "SIS Act"

Rainy day funds probed

ELIZABETH MCARTHUR  |  FRIDAY, 11 FEB 2022
... Supreme Court to alter their trust deeds to create pools of capital - referred to as rainy day funds - required by the SIS Act amendments. "I should emphasise that it's not just the industry funds that are affected by this amendment. Retail funds ...

Hostplus hits members with new fee

ELIZABETH MCARTHUR  |  THURSDAY, 10 FEB 2022
... billion industry fund informed members that the new trustee fee is being introduced in response to recent changes to the SIS Act which broaden the type of penalties trustees and directors can incur. "As the fund and PST are operated on a profit-for-member ...

Blue Crane Capital launches fintech tool for SMSFs

CHLOE WALKER  |  WEDNESDAY, 9 FEB 2022
... its observation that the SMSF sector could grow in response to changes to the Superannuation Industry (Supervision) Act (SIS Act) in July 2021. Under the changes, SMSFs can now have up to six trustees instead of the previous limit of four. Blue Crane ...

AMP in enforceable undertaking

JAMIE WILLIAMSON  |  TUESDAY, 16 NOV 2021
... to those" addressed by that action, that may have been breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act). According to documents, the CEU does not intend to deal with issues that are currently the matter of Federal Court Action ...

Cbus to create rainy day fund to cover fines

ELIZABETH MCARTHUR  |  THURSDAY, 11 NOV 2021
... create provisions for any fines or penalties. "This application has been made to ensure Cbus is in compliance with the SIS Act following Hayne reforms. Other profit-to-member funds will likely need to take similar action to ensure compliance," a spokesperson ...

ASIC disqualifies SMSF auditor

ANNABELLE DICKSON  |  WEDNESDAY, 30 JUN 2021
... Shrubsole's breaches were first identified by the ATO under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and then referred to ASIC. Both ASIC and the ATO act as co-regulators of SMSF auditors. The ATO's role is ...

Government merges advice reviews

KARREN VERGARA  |  WEDNESDAY, 21 APR 2021
... will be in force from 1 July 2022. "It is finally going to happen. The Retirement Income Covenant will be included in the SIS Act," she said. Already, some "smart thinkers" are putting together products that cover insurance, annuities and market-linked ...

NAB MySuper class action heads to Federal Court

JAMIE WILLIAMSON  |  MONDAY, 12 APR 2021
... the Federal Court. At the time, the judge determined that claims that members had suffered a loss under s 55(3) of the SIS Act were not valid as, among other things, "loss and damage does not extend to prospective loss". The lead plaintiff claims a loss ...

ASIC pursues criminal charges in super

JAMIE WILLIAMSON  |  WEDNESDAY, 10 MAR 2021
... into effect from January 2022. Until then it is only breaches under the Superannuation Industry (Supervision) Act, or SIS Act, that cannot be paid for using member money. The ban was originally slated to commence at the beginning of this year. In addition ...

ASIC zeroes in on bad SMSF advice, conduct

KARREN VERGARA  |  TUESDAY, 23 FEB 2021
... adjusted the roles of ASIC and APRA in superannuation. From 1 January 2021, ASIC was given more powers in super under the SIS Act, having an expanded remit to better promote consumer protection, market integrity, disclosure as well as maintain reports. ...