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Search ResultsShowing 1 - 10 of 99 results for "SIS Act"
Government merges advice reviews
KARREN VERGARA  |  WEDNESDAY, 21 APR 2021
... will be in force from 1 July 2022. "It is finally going to happen. The Retirement Income Covenant will be included in the SIS Act ," she said. Already, some "smart thinkers" are putting together products that cover insurance, annuities and market-linked ...
NAB MySuper class action heads to Federal Court
JAMIE WILLIAMSON  |  MONDAY, 12 APR 2021
... the Federal Court. At the time, the judge determined that claims that members had suffered a loss under s 55(3) of the SIS Act were not valid as, among other things, "loss and damage does not extend to prospective loss". The lead plaintiff claims a loss ...
ASIC pursues criminal charges in super
JAMIE WILLIAMSON  |  WEDNESDAY, 10 MAR 2021
... into effect from January 2022. Until then it is only breaches under the Superannuation Industry (Supervision) Act , or SIS Act, that cannot be paid for using member money. The ban was originally slated to commence at the beginning of this year. In addition ...
ASIC zeroes in on bad SMSF advice, conduct
KARREN VERGARA  |  TUESDAY, 23 FEB 2021
... adjusted the roles of ASIC and APRA in superannuation. From 1 January 2021, ASIC was given more powers in super under the SIS Act , having an expanded remit to better promote consumer protection, market integrity, disclosure as well as maintain reports. ...
New heatmap shames trustees
KARREN VERGARA  |  FRIDAY, 18 DEC 2020
... have failed in their obligations to members and potentially breached the Superannuation Industry (Supervision) Act 1993 (SIS Act). Thirty-seven products assessed are performing at or above the heatmap investment benchmarks over six years; 27 of these ...
RC recommendations closer to legislation
KARREN VERGARA  |  FRIDAY, 13 NOV 2020
... will include protecting consumers from harm and market misconduct. APRA and ASIC will share the general administration of SIS Act provisions which has consumer protection and member outcomes as their touchstone. These co-regulated provisions are either ...
Financial crime victims fume at Shipton, Crennan
ELIZABETH MCARTHUR  |  WEDNESDAY, 28 OCT 2020
... fraud did ASIC help the 1000 victims that were not part of the APRA-supervised funds that were covered by Part 23 of the SIS Act. ASIC's unwillingness to help caused more harm than if there was no ASIC agent altogether." He said that ASIC had failed ...
APRA advises funds to review ownership structures
ELIZA BAVIN  |  FRIDAY, 16 OCT 2020
... obtain APRA's approval before owning a controlling stake in an RSE licensee is a strict liability offence under of the SIS Act which may attract severe penalties. "The purpose of this letter is to remind RSE licensees of the requirement to seek approval ...
Trustees cutting corners: Rowell
KARREN VERGARA  |  FRIDAY, 2 OCT 2020
... their choice product assessments. This will also assist the trustee to satisfy the publication requirements under the SIS Act," she said. Trustees are also ignoring several factors that are critical in conducting the outcomes assessment. Some are using ...
SMSF member increase bill reintroduced
ANNABELLE DICKSON  |  THURSDAY, 3 SEP 2020
... of self-managed superannuation (SMSF) members from four to six has been reintroduced in the Senate. The bill amends the SIS Act, Corporations Act, ITAA 1997 and Superannuation (Unclaimed Money and Lost Members) Act 1999 and allows larger families to ...
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