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Showing 51 - 60 of 121 results for "Interests Duty"

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 ...

ASIC imposes licence conditions on Poynter Hargraves

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 FEB 2021
... "ASIC's surveillance also found that some clients were provided with financial advice that failed to meet the best interests duty and related obligations." The additional licence conditions require Poynter Hargraves to engage an independent expert to ...

Your Future, Your Super reforms closer to legislation

KARREN VERGARA  |  FRIDAY, 27 NOV 2020
... spending under the microscope. Treasury Laws Amendment (Measures 4 for a later sitting) Bill 2020: Best 5 Financial Interests Duty will force trustees to be more accountable to how member money is used to operate on a day-to-day basis and how it is invested. ...

Retail superannuation funds grilled on member priorities

KARREN VERGARA  |  TUESDAY, 24 NOV 2020
... Deputy chair and MP Andrew Leigh broached the notion: "How does a for-profit fund adhere to the best financial interests duty? This is straightforward for an industry fund because there's no overarching owner who's taking profit out of the fund." ...

Give the people advisers: Retirement Income Review

ELIZABETH MCARTHUR  |  FRIDAY, 20 NOV 2020
... vertically integrated firms and found that 75% failed to comply with the requirements associated with the best interests duty, but the quality of advice had improved after the Future of Financial Advice reforms. However, ASIC found only 10% of files ...

ASIC reviewing risk advice, pushes for scaled advice

ANNABELLE DICKSON  |  WEDNESDAY, 14 OCT 2020
... or two files," she said. Metz said the regulator is looking to see if the advice provided complies with the best interests duty and related obligations. "We're looking to see what position consumers have been placed into as a result of getting the advice. ...

Hume clarifies survival of the fittest in MySuper

ELIZABETH MCARTHUR  |  THURSDAY, 8 OCT 2020
... these default products as low as possible was integral to retirement outcomes. A new, clearer articulation of best interests duty for super trustees was also a surprising reform to come out of the budget. The new duty makes it clear that trustees must ...

ASIC drags Evans Dixon to court

KANIKA SOOD  |  FRIDAY, 4 SEP 2020
... separately) of financial advice to the eight sample clients resulted in two or more contraventions each of the best interests duty under the Corps act. The action may mean a big bill for Evans Dixon shareholders; ASIC said the maximum civil penalty for ...