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Showing 41 - 50 of 135 results for "SIS Act"

New heatmap shames trustees

KARREN VERGARA  |  FRIDAY, 18 DEC 2020
... have failed in their obligations to members and potentially breached the Superannuation Industry (Supervision) Act 1993 (SIS Act). Thirty-seven products assessed are performing at or above the heatmap investment benchmarks over six years; 27 of these ...

RC recommendations closer to legislation

KARREN VERGARA  |  FRIDAY, 13 NOV 2020
... will include protecting consumers from harm and market misconduct. APRA and ASIC will share the general administration of SIS Act provisions which has consumer protection and member outcomes as their touchstone. These co-regulated provisions are either ...

Financial crime victims fume at Shipton, Crennan

ELIZABETH MCARTHUR  |  WEDNESDAY, 28 OCT 2020
... fraud did ASIC help the 1000 victims that were not part of the APRA-supervised funds that were covered by Part 23 of the SIS Act. ASIC's unwillingness to help caused more harm than if there was no ASIC agent altogether." He said that ASIC had failed ...

APRA advises funds to review ownership structures

ELIZA BAVIN  |  FRIDAY, 16 OCT 2020
... obtain APRA's approval before owning a controlling stake in an RSE licensee is a strict liability offence under of the SIS Act which may attract severe penalties. "The purpose of this letter is to remind RSE licensees of the requirement to seek approval ...

Trustees cutting corners: Rowell

KARREN VERGARA  |  FRIDAY, 2 OCT 2020
... their choice product assessments. This will also assist the trustee to satisfy the publication requirements under the SIS Act," she said. Trustees are also ignoring several factors that are critical in conducting the outcomes assessment. Some are using ...

SMSF member increase bill reintroduced

ANNABELLE DICKSON  |  THURSDAY, 3 SEP 2020
... of self-managed superannuation (SMSF) members from four to six has been reintroduced in the Senate. The bill amends the SIS Act, Corporations Act, ITAA 1997 and Superannuation (Unclaimed Money and Lost Members) Act 1999 and allows larger families to ...

ASIC cracks down on 42 SMSF auditors

ALLY SELBY  |  THURSDAY, 20 AUG 2020
... pointing to the auditors' relevant non-SMSF experience and personal circumstances to justify the move. Since July 2013, the SIS Act has required all SMSF auditors to be registered with ASIC to ensure they meet base standards of competency and expertise. ...

Sole purpose test poses SMSF rent relief issue

ELIZABETH MCARTHUR  |  TUESDAY, 26 MAY 2020
... provide rent relief for struggling tenants. The prohibition against providing financial accommodation (section 65 of the SIS Act), the prohibition against dealing on a non-arm's length basis (section 109 of the SIS Act) and the in-house asset rules (Part ...

No change of mind for ERS

ELIZA BAVIN  |  THURSDAY, 7 MAY 2020
... basis of a determination that is later revoked by the ATO, APRA's view is that no breach of the payment standards in the SIS Act and Regulations will have occurred," the ATO said. "However, where a trustee makes a payment after a determination has already ...

Hume calls for diversity in super fund mergers

HARRISON WORLEY  |  TUESDAY, 31 MAR 2020
... prevent members accessing their money promptly, APRA's directions powers - especially sections 131D and 133 of the SIS Act, updated last year by the Parliament - gives APRA new teeth that may well be tested," she said. "For those who say 'We ...