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Showing 1 - 10 of 124 results for "SIS Act"

MLC trustees to pay $65m in MySuper class action settlement

JAMIE WILLIAMSON  |  FRIDAY, 6 DEC 2024
... Supreme Court of Victoria ruled the case invalid saying prospective losses are not considered a loss under s 55(3) of the SIS Act. The case was then moved to the Federal Court, with Maurice Blackburn saying the loss came in the form of the higher fees ...

Cbus lacks stringent director, expenditure policies: Deloitte

JAMIE WILLIAMSON  |  WEDNESDAY, 4 DEC 2024
... that they: Have not been disqualified from acting as a trustee, officer or director of a superannuation entity under the SIS Act; Are not prohibited from being an officer or director of a body corporate under the Corporations Act 2001 (Cth); Meet the ...

APRA alleges First Super co-chair breached director duties

JAMIE WILLIAMSON  |  FRIDAY, 6 SEP 2024
... O'Connor's disqualification. The regulator alleges O'Connor breached several of the director covenants contained in the SIS Act, including those that require him to act honestly, exercise the same degree of care, skill and diligence as a ...

OnePath Custodians fined $11m for MySuper failures

JAMIE WILLIAMSON  |  MONDAY, 22 JUL 2024
... direct default member contributions to a MySuper product. This has unearthed many alleged breaches of section 29WA of the SIS Act," APRA said. APRA said that while many of the additional licence conditions have been met, it is concerned that so many ...

Industry funds defend CFMEU board ties

ANDREW MCKEAN  |  FRIDAY, 19 JUL 2024
... personalised support," BUSSQ said. BUSSQ also said that all its board directors are appointed under the requirements of the SIS Act, Corporations Act, Australian Financial Services Licence obligations, and Superannuation Prudential Standard 520 Fit and ...

First advice reform bill passes parliament

KARREN VERGARA  |  FRIDAY, 5 JUL 2024
... funds charge for financial product advice to members. "Division 1 of this Part repeals and replaces section 99FA of the SIS Act to provide greater clarity to superannuation trustees on their existing obligations about when and on what basis a trustee ...

AFCA secures $40m in refunds

ELIZA BAVIN  |  THURSDAY, 14 MAR 2024
... investments and advice with three reports and life insurance with one. In superannuation, the issues included breaches of the SIS Act and SIS Regulations, incorrect cancellation of insurance policies and inadequate claims handling. In investments and ...

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 ...
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