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Showing 1 - 10 of 11 results for "BFID"

Super spending calls BFID compliance into question

JAMIE WILLIAMSON | TUESDAY, 24 JUN 2025

... competing with peers than members' best financial interests, others not having revisited historic arrangements since the BFID was legislated, and a host of other shortcomings. The review of 14 RSE licensees' expenditure practices and decisions comprised ...

Cbus lacks stringent director, expenditure policies: Deloitte

JAMIE WILLIAMSON | WEDNESDAY, 4 DEC 2024

... employment relationships be formally recorded in the register going forward. Turning to the Best Financial Interests Duty (BFID), Deloitte found that despite having several policies and frameworks in place to guide expenditure decisions, Cbus' documentation ...

Cole puts funds on notice as expenditure data is revealed

ELIZA BAVIN | WEDNESDAY, 30 OCT 2024

... relatively small items of expenditure might not be OK," Cole said. "The measure of whether expenditure is appropriate under BFID is not whether it passes the 'pub test', although trustees might well have good reason to take public opinion and ...

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 ...

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BT appoints new head of strategy

KARREN VERGARA

A former Allianz Retire+ executive has joined BT as the new head of strategy.

ASX sees trade volumes soar in May

MATTHEW WAI

ASX saw a substantial growth in trade volumes last month, despite continued lackluster movement in IPOs.

Otivo launches AI-powered financial advice

MATTHEW WAI

Otivo has launched a mobile app for Australians to access licensed advice powered by AI.

Munro expands access to climate focused fund

VINNY VUCAGO

The Munro Global Growth Climate Leaders PIE Fund has been opened to retail investors in New Zealand.

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