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Showing 1 - 10 of 18 results for "Best Financial Interests Duty"

Performance test reforms to curb benchmark hugging: Treasury

KARREN VERGARA  |  FRIDAY, 8 MAY 2026
... assets that align with Australia's national priorities, with the continued safeguard of the best financial interests duty." He is concerned, however, that a simple reference portfolio approach could water down the test if it reduces accountability ...

Cbus lacks stringent director, expenditure policies: Deloitte

JAMIE WILLIAMSON  |  WEDNESDAY, 4 DEC 2024
... memberships or 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 ...

Cole puts funds on notice as expenditure data is revealed

ELIZA BAVIN  |  WEDNESDAY, 30 OCT 2024
... specifically reinforces trustees' accountability for ensuring expenditure decisions are aligned to the best financial interests duty." Cole said the expectation for trustees to act in the best financial interests of members is "not new, nor unreasonable". ...

APRA reprimands Cbus, BUSSQ over governance issues

ANDREW MCKEAN  |  WEDNESDAY, 14 AUG 2024
... union, the CFMEU, are not undermining its compliance with governance obligations, including the best financial interests duty and fit and proper obligations for its board of directors which includes CFMEU bosses," Howarth said. A BUSSQ spokesperson ...

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

ANDREW MCKEAN  |  FRIDAY, 23 FEB 2024
... concerns 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 ...

BFID no hindrance to helping vulnerable members: Panel

CHLOE WALKER  |  WEDNESDAY, 7 SEP 2022
... more for vulnerable members, while ASIC commissioner Danielle Press agreed and pointed out that the best financial interests duty actually allows for different members to be treated differently. "Vulnerability can be intrinsic or as a result of factors ...

APRA releases annual corporate plan

CASSANDRA BALDINI  |  MONDAY, 8 AUG 2022
APRA published its updated plan to reinforce the financial soundness of the banking, insurance and superannuation industries over the next four years, with few surprises on offer. The priorities in APRA's new Corporate Plan for 2022-2023 are based ...

Performance test expansion paused as government announces review

RACHEL ALEMBAKIS  |  FRIDAY, 8 JUL 2022
... superannuation products." The review will also consider concerns relating to the regulatory complexity of best financial interests duty requirements, Treasury said. The announcement is the fulfilment of an announcement made by Jones during the Responsible ...

Carbon transition and MBFID: Is it possible to meet both?

JAMIE WILLIAMSON  |  THURSDAY, 16 JUN 2022
... making these new investments with decarbonisation in mind would actually meet trustees' members' best financial interests duty? It has long been argued, proven even, that investing in fossil fuelled assets is not in members' long-term best interests ...

APRA questions trustees on financial resilience

CHLOE WALKER  |  MONDAY, 22 NOV 2021
... existing reserves will be drawn on. Trustees must also justify how their approach would meet the best financial interests duty. As applications seeking judicial advice are still before the Courts, APRA notes that matters relating to the charging of trustee ...
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