Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 41 - 50 of 118 results for "Interests Duty"

Super system "frayed": Hume

ELIZABETH MCARTHUR  |  FRIDAY, 15 OCT 2021
... address these inadequacies. Hume appeared to take a swipe at some funds when she said that under the best financial interests duty clarification within Your Future, Your Super funds will not be able to spend member money on activities that don't provide ...

FSC advice reforms slash time, costs by 30%

KARREN VERGARA  |  TUESDAY, 12 OCT 2021
... framework fully implemented. By 2023, it wants the safe-harbour steps abolished as a result of complying with the Best Interests Duty, and the Letter of Advice to replace the Statement of Advice and Record of Advice. KPMG director of superannuation advisory ...

Why advisers must understand Retirement Income Covenant

ELIZABETH MCARTHUR  |  WEDNESDAY, 22 SEP 2021
... advisers will have to think about the principals for retirement income that covenant lays out in terms of best interests duty. "The sorts of conversations and ideas you are going to be discussing with clients are going to be quite different," he said. ...

APRA to mandate independent certifications

KARREN VERGARA  |  WEDNESDAY, 22 SEP 2021
... Guide SPG 250 Insurance in Superannuation (SPG 250). APRA said the amendments aim to meet the new best financial interests duty and the reverse evidential burden of proof, recently implemented as part of the government's Your Future, Your Super reforms ...

Westpac cops $10.5m fine

ANNABELLE DICKSON  |  TUESDAY, 24 AUG 2021
... unlicensed personal financial advice. Westpac Securities and BT Funds Management were found to have breached their best interests duty when providing personal financial product advice in calls made to 14 customers related to switching their superannuation ...

Dixon Advisory to pay $8.2m to settle ASIC action

KANIKA SOOD  |  FRIDAY, 9 JUL 2021
... separately) of financial advice to the eight sample clients resulted in two or more contraventions each of the best interests duty under the Corp oration s A ct. At the time, ASIC said the maximum civil penalty for contraventions it alleged against Dixon ...

Include ESG in BFID: FSC

KANIKA SOOD  |  TUESDAY, 13 APR 2021
... Services Council (FSC) wants superannuation funds' ESG investments to be included in the proposed Best Financial Interests Duty. The government's BFID wants super trustees to make decisions that are in best "financial" interests of their members. The ...

Admin fees could balloon from BFID

KARREN VERGARA  |  TUESDAY, 16 MAR 2021
The new best financial interests duty (BFID) could see members pay higher administration fees as the record-keeping obligations ramp up, superannuation funds and industry experts warn. The reforms, which are part of the Your Future Your Super legislation ...

SMSFs primed for best financial interests duty

KARREN VERGARA  |  TUESDAY, 16 FEB 2021
Self-managed superannuation funds are ahead of the game in terms of meeting the looming best financial interest rules, according to its peak body. SMSF Association deputy chief and director of policy and education Peter Burgess told the association's ...

The trouble with best financial interests duty

KARREN VERGARA  |  WEDNESDAY, 10 FEB 2021
The best financial interests duty reform has major loopholes and lacks guidance from regulators, leading to major confusion for superannuation trustees. The fourth element of the proposed Your Future, Your Super reforms should be abandoned, according ...