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Showing 1 - 8 of 8 results for "Best Financial Interest Duty"

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. ...

YFYS on its way to Senate

KANIKA SOOD  |  FRIDAY, 4 JUN 2021
... Super bill last night, with Labor getting away with just one of the amendments on its wish list. Best Financial Interest Duty's proposal to give ministers the power to ban superannuation funds' investments was dropped. However, Labor's other proposed ...

Labor to push for YFYS stapling amendments

KANIKA SOOD  |  WEDNESDAY, 19 MAY 2021
... Funds.. It also wants the tests to be applied to choice products as well. Lastly, it will push for the Best Financial Interest Duty to include a materiality threshold, and to remove the directions powers. "Absolute crock, unnecessary extraordinary overreach. ...

Labor won't support YFYS Bill in current form

KANIKA SOOD  |  FRIDAY, 30 APR 2021
... contested measures such as July 1 start date, stapling's pre-dating of performance testing, and the Best Financial Interest Duty. In the committee's final report, Labor took issue with seven main features of the Bill: power to the Treasurer to ...

"Financial" in BFID is no big deal: Academic

KANIKA SOOD  |  WEDNESDAY, 7 APR 2021
A UNSW academic says 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 ...

Continuous disclosure laws to stay

KARREN VERGARA  |  WEDNESDAY, 17 FEB 2021
... addressing MySuper funds' underperformance; launching the YourSuper comparison tool; and the best financial interest duty. Under the new stapling rules, the Australian Institute of Superannuation Trustees chief executive Eva Scheerlinck warned that ...

SMSFs primed for best financial interests duty

KARREN VERGARA  |  TUESDAY, 16 FEB 2021
... from the use of fund assets have always been heavily regulated and scrutinised," he said. The new best financial interest duty is part of the government's Your Future, Your Super draft legislation package, which is causing contention across the industry. ...

The trouble with best financial interests duty

KARREN VERGARA  |  WEDNESDAY, 10 FEB 2021
... by the Australian Institute of Superannuation Trustees. The insertion of the word 'financial' in 'best financial interest duty' appears to be unnecessary, according to Natalie Cambrell, principal solicitor at KQH Lawyers. "Both the proposal to add the ...
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