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Showing 31 - 40 of 97 results for superannuation industry act sis

Associations raise member outcomes concern

KARREN VERGARA  |  FRIDAY, 21 JUN 2019
Superannuation industry associations are voicing their concerns over the proposed member outcomes framework, worried there is a disconnect between the law and APRA's expectations. APRA is busy working through submissions for Prudential Standard ...

Superannuation mergers strike oligopoly fears

KARREN VERGARA  |  TUESDAY, 23 APR 2019
Concern the superannuation industry will become an oligopoly like the banking sector is being fuelled by the regulators' new powers and increased funding, specifically aimed at forcing underperforming funds to merge or shut down. Of the $400 million ...

Kelaher to leave IOOF

ELIZABETH MCARTHUR  |  THURSDAY, 4 APR 2019
... including Kelaher. APRA singled out Kelaher as an executive whose actions were not in accordance with the Superannuation Industry (Supervision) Act, describing him as someone who "demonstrated a failure to understand the covenants under the SIS Act and ...

Up close and personal: Women in financial services

JAMIE WILLIAMSON  |  FRIDAY, 8 MAR 2019
... contributions. Among them is Mavis Robertson, who helped pioneer not-for-profit funds, and is an icon of the superannuation industry; while Louise Davidson (ACSI chief executive) received an Australia Day honour this year. Wright encourages women working ...

Government moves on Royal Commission super recommendations

HARRISON WORLEY  |  WEDNESDAY, 13 FEB 2019
The Federal Government has amended the SIS Act and some of its superannuation bills to include recommendations made in the Royal Commission's final report. Superannuation fund trustees are set to be banned from treating employers in efforts to be ...

APRA could oversee stalled super fund mergers

KANIKA SOOD  |  WEDNESDAY, 6 FEB 2019
... address stalled super fund mergers. The Parliament is currently waiting to pass a number of changes to the Superannuation Industry (Supervision) Act (SIS Act), including giving APRA a power to issue directions to RSE licensees. "It may be that, in particular ...

Hayne recommends new regulatory overseer

HARRISON WORLEY  |  MONDAY, 4 FEB 2019
The Royal Commission final report recommends the roles of ASIC and APRA be adjusted when it comes to superannuation oversight. A new independent body will also oversee the regulators. Releasing his final report into Misconduct in the Banking, Superannuation ...

APRA takes action against IOOF

HARRISON WORLEY  |  FRIDAY, 7 DEC 2018
... said. "The actions we are now taking are aimed at achieving enduring change to ensure that the trustees of the superannuation funds operated by IOOF fully meet their obligation to put the interests of members ahead of all other interests. "Furthermore ...

DomaCom concludes Federal Court action

KARREN VERGARA  |  TUESDAY, 25 SEP 2018
... Aussiegolfa (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. ...

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 ...