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

Search Results

Showing 71 - 80 of 135 results for "SIS Act"

ANZ, IOOF revise wealth sale agreement

JAMIE WILLIAMSON  |  TUESDAY, 15 JAN 2019
... conflicts management frameworks. An independent report from EY suggesting IOOF Investment Management Limited breached the SIS Act and further prudential standards underpins APRA's action. The action was followed by news that IOOF managing director ...

APRA takes action against IOOF

HARRISON WORLEY  |  FRIDAY, 7 DEC 2018
... issued by big-four accounting firm EY which provided a "reasonable basis" to conclude IIML had breached section 52 of the SIS Act and prudential standards SPS 520 and 521, which relate to conflicts of interest. APRA said it would seek to disqualify five ...

More SMSF auditors disqualified

DARREN SNYDER  |  TUESDAY, 30 OCT 2018
... SMSF auditor register. Both men were referred to ASIC by the Australian Taxation Office (ATO) under section 128P of the SIS Act. From 1 July 2013, the SIS Act required all auditors of SMSFs to be registered with ASIC. This was to ensure that all SMSF ...

Royal Commission hears industry fund admitted wrongdoing to ASIC

HARRISON WORLEY  |  MONDAY, 24 SEP 2018
... 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 his closing ...

APRA to reopen old wounds for CBA, IOOF

KARREN VERGARA  |  WEDNESDAY, 5 SEP 2018
... executive Chris Kelaher and described him as someone who "demonstrated a failure to understand the covenants under the SIS Act and obligations of a trustee under trust law." IOOF's complicated structure has been under APRA's radar since 2016. Kelaher ...

Retail super funds in hot water: Royal Commission

KARREN VERGARA  |  MONDAY, 27 AUG 2018
... members, who continued to receive trailing commissions may potentially breaching the section 52(2)(d)(i) and (d)(iii) of the SIS Act. CBA admitted to APRA in March 2014 it breached the SIS Act on 13,000 occasions after it was unable to determine if First ...

Federal Court rules partly in favour of DomaCom

HARRISON WORLEY  |  TUESDAY, 14 AUG 2018
... Fund to a previous decision which concluded the fund had breached the Sole Purpose Test and in-house asset rules in the SIS Act when the daughter of a member of the fund rented a property held by the DomaCom Burwood sub-fund, a scheme the SMSF had invested ...

Retirement income paper open for consultation

KANIKA SOOD  |  FRIDAY, 18 MAY 2018
... advisory group to help establish the scope of a retirement covenant in the Superannuation Industry Supervision Act 1993. The SIS Act already has covenants on insurance and investment. On Budget night, Treasurer Scott Morrison flagged the upcoming release ...

SMSF trustees warned on non-compliant crypto

JAMIE WILLIAMSON  |  THURSDAY, 1 MAR 2018
... trustees of funds or multiple trustees have taken money out of the fund and put it into their exchange account, breaching the SIS Act. It's what I call driving into the pothole of the crypto road - they've done it purely because they want to get involved ...

HESTA announces life insurance facelift

DARREN SNYDER  |  MONDAY, 20 NOV 2017
... benefit; Alignment of the release of insurance benefits for terminally ill members with the 24 month requirement under the SIS Act for access to super; and An improved digital experience for members. The changes follow a detailed review of HESTA's insurance ...