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Showing 1 - 10 of 117 results for "SIS Act"

APRA flags premium volatility in superannuation group life insurance

ANDREW MCKEAN  |  FRIDAY, 8 DEC 2023
... determination of retirement income strategies as required by section 52(8A) of the Superannuation Industry (Supervision) Act 1993 (SIS Act) addressing Retirement Income covenants," the prudential regulator said. "APRA strongly encourages RSE licensees ...

Treasury unveils advice reforms draft legislation

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
... member and their financial adviser from a member's account and ensure that such fees are not paid in breach of the SIS Act and are not taxable benefits for members. It also seeks to simplify and clarify the provisions governing conflicted remuneration ...

Potential reporting relief for trustees: ASIC

CHLOE WALKER  |  TUESDAY, 7 NOV 2023
... efficiently and/or whether any amendments are required. Currently, section 29QC of the Superannuation Industry Act 1993 (SIS Act) requires that information given to the public by trustees must align with information provided to the Australian Prudential ...

Pepper Money launches SMSF loan offering

CASSANDRA BALDINI  |  MONDAY, 23 OCT 2023
... Further, redraws are available twice a year per the anniversary of the loan, up to $50,000 at a time in accordance with the SIS Act. Residential interest rates typically range from 6.99%, and near-prime rates start at 7.69%. Meanwhile, prime interest ...

AustralianSuper sued over multiple accounts

JAMIE WILLIAMSON  |  FRIDAY, 8 SEP 2023
... 2023, the super fund failed to have a procedure for identifying and merging multiple member accounts as required by the SIS Act; failed to efficiently identify, escalate or rectify the ongoing issue; didn't promptly identify and merge multiple accounts ...

ASIC proposes five-year extension to DDO

ANDREW MCKEAN  |  WEDNESDAY, 16 AUG 2023
... licensee directors from the change of control and ownership provisions of the Superannuation Industry (Supervision) Act 1993 (SIS Act). Effective immediately, this exemption eliminates the need for certain RSE licensee directors to seek approval for ...

OnePath fined over MySuper bungle

JAMIE WILLIAMSON  |  WEDNESDAY, 14 JUN 2023
... the member as to where the money should be invested. This occurred from mid-2022 onwards, the regulator said. Under the SIS Act, trustees must direct contributions to a MySuper product where the member has not advised where they should go. In addition ...

AustralianSuper mistake spurs call for regulatory intervention

ANDREW MCKEAN  |  MONDAY, 15 MAY 2023
... and contrary to the interests of members," he said. "The duty to identify duplicate accounts under section 108A of the SIS Act provides room for trustees to exclude defined benefit and income stream accounts and places the onus on the trustee to assess ...

Digital advice association in the works

CASSANDRA BALDINI  |  TUESDAY, 11 APR 2023
... there are other things that will help clear the way for digital advice adoption," he said. "Her proposal to amend the SIS Act, in particular, is a recommendation that makes it clear that super funds can spend money on providing retirement advice to their ...

Draft SMSF auditor registration regulations to update fees, language

ANDREW MCKEAN  |  MONDAY, 17 OCT 2022
... According to Holding Redlich partner Luke Hooper, Section 128L of the Superannuation Industry (Supervision) Act 1993 (SIS Act) prescribes the matters that those fees are payable for, in respect of approved SMSF auditors including, applying for registration ...
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