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|Showing 1 - 10 of 100+ results for "SIS Act"|
|... Shrubsole's breaches were first identified by the ATO under section 128P of the Superannuation Industry (Supervision) Act 1993 (SIS Act) and then referred to ASIC. Both ASIC and the ATO act as co-regulators of SMSF auditors. The ATO's role is ...|
|... 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 ...|
|... 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 ...|
|... 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 ...|
|... 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. ...|
|... 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 ...|
|... 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 ...|
|... 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 ...|
|... 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 ...|
|... 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 ...|
AIA Australia's newly launched advice business has named a chief executive to lead its efforts, as the life insurer brings some Commonwealth Financial Planning advisers into the fold.
Yesterday's Standing Committee hearings on financial advice suggested the corporate regulator and industry superannuation funds are the only ones benefiting from increasing costs.
The superannuation startup geared at self-employed workers is looking to raise $1.5 million, as it sets it sights on 60,000 members in five years.
The Australian Financial Complaints Authority (AFCA) has made changes to its procedures to weed out complaints where the consumer didn't really suffer any financial harm.
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