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Showing 1 - 8 of 8 results for "BFID"

Bragg calls for another Financial System Inquiry, critiques ASIC, APRA

ANDREW MCKEAN  |  FRIDAY, 23 FEB 2024
... about APRA's effectiveness, particularly regarding perceived shortcomings in enforcing the Best Financial Interests Duty (BFID). Despite its straightforward intention, there's a worrying trend where large superannuation entities, purportedly influenced ...

BFID no hindrance to helping vulnerable members: Panel

CHLOE WALKER  |  WEDNESDAY, 7 SEP 2022
More needs to be done to protect the super sector's most vulnerable members, with the Conference for Major Super Funds being told that doing so would be a breach of the best financial interest duty is a myth. AIST senior manager, policy David Haynes ...

APRA releases annual corporate plan

CASSANDRA BALDINI  |  MONDAY, 8 AUG 2022
... around fund expenditure including trustees' practices as they relate to their 'best financial interests duty' (BFID) obligations, investment governance, successor fund transfers and financial resilience, strategic planning and business performance ...

APRA intensifies scrutiny of underperformers

KARREN VERGARA  |  FRIDAY, 10 SEP 2021
... movement of members and outflow of funds," he said. APRA will also sharpen its assessment of the best financial interest duty (BFID) so that trustees must have regard to members' financial interest first and foremost beyond other non-financial interests. ...

Labor to push for YFYS stapling amendments

KANIKA SOOD  |  WEDNESDAY, 19 MAY 2021
... usher in an era of red tape and bureaucracy that has never been seen in superannuation funds management," Jones said of the BFID. "There should be materiality test. I actually don't see a need for reverse onus. Yes, funds should be operating in the ...

Include ESG in BFID: FSC

KANIKA SOOD  |  TUESDAY, 13 APR 2021
... 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 inclusion of the word ...

"Financial" in BFID is no big deal: Academic

KANIKA SOOD  |  WEDNESDAY, 7 APR 2021
... subjecting superannuation funds to "best financial interest duty" instead of just "best interest duty" is not material, but BFID's flow-on effects will be concerning for trustees. University of New South Wales director for centre of law, markets and ...

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 ...
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