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Showing 1 - 10 of 69 results for "Sole Purpose Test"

Treasury gives Tranche 2 reform package preview

JAMIE WILLIAMSON | WEDNESDAY, 4 DEC 2024

... the scope of advice of the new class will play out in relation to retirement advice and will interact with the Sole Purpose Test. In addition, the second tranche also includes the modernised best interests duty, allowing advice on single or limited scope ...

ASIC issues new guidance on DBFO reforms

KARREN VERGARA | FRIDAY, 22 NOV 2024

... superannuation account under a fee arrangement and the personal advice costs charged need to be consistent with the sole purpose test, ASIC told trustees. INFO 291 FAQs: FSGs and website disclosure information includes references to ASIC's recently made ...

First advice reform bill passes parliament

KARREN VERGARA | FRIDAY, 5 JUL 2024

... subsections 99FA(1)(a) and (b) provide clarity to trustees in how their existing obligations - particularly under the sole purpose test - apply to the deduction of advice fees from a members' interest in the fund. "Consistent with meeting their obligations ...

Super account advice fees a sticking point for advice bill: Senate inquiry

KARREN VERGARA | FRIDAY, 21 JUN 2024

... codifies current practice into law." Many stakeholders who submitted feedback to the inquiry referred to the sole purpose test to achieve greater clarity. The Stockbrokers and Investment Advisers Association (SIAA) in its submission was concerned that ...

ASIC slams funds' serious deficiencies over advice fee charges

JAMIE WILLIAMSON | THURSDAY, 9 MAY 2024

... other issues identified included an over-reliance by trustees on testimonies that the advice received met the sole purpose test and that the use of fee labels in communications to members may not be clear. Over the 12-month period, four trustees did ...

QAR final response winds clock back, says FAAA

JAMIE WILLIAMSON | THURSDAY, 7 DEC 2023

... There was a limited scope to the type of advice that could be provided and collectively charged because of the Sole Purpose Test. And these people could become, over time, the next generation of financial advisers and planners," Abood said. "However ...

Rainmaker names ESG leader super funds

RACHEL ALEMBAKIS | FRIDAY, 29 SEP 2023

... the fund achieves its investment objectives, achieves competitive investment returns all while satisfying the Sole Purpose Test as required by the Superannuation Industry (Supervision) Act. "ESG and sustainability principles are a rapidly evolving part ...

APRA moves to ensure improved member outcomes

ANDREW MCKEAN | FRIDAY, 22 SEP 2023

... of their members," she said. Meanwhile, APRA has decided to retire its 20-year-old guidance curricular on the Sole Purpose Test for superannuation trustees. "The circular was designed more than 20 years ago for a larger number of less sophisticated trustees. ...

Super fund ESG options underweight BHP, overweight CSL

RACHEL ALEMBAKIS | THURSDAY, 8 JUN 2023

... stakeholders don't seem to understand that the task of a super fund is first and foremost to satisfy the Sole Purpose Test, deliver investment returns and look after the financial interests of their members." Dunnin added the task of a super fund ...

Objective will not achieve any real purpose: IFPA

ANDREW MCKEAN | WEDNESDAY, 29 MAR 2023

... and financial services Natasha Panagis suggested that the true purpose of super can be found in the existing sole purpose test. "The core objective of superannuation is better captured by the sole purpose test which simply requires that superannuation ...

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Future Fund cleared to manage select asset classes in-house

ANDREW MCKEAN

Future Fund chair Greg Combet said that the $300 billion sovereign wealth fund has received the green light from the government to manage a portion of its portfolio internally, speaking at a Committee for Economic Development of Australia (CEDA) event in Sydney yesterday.

Small industry super funds beat giants on trust, service, value

ANDREW MCKEAN

Small industry super funds lead on trust, service, and value for money, according to CoreData's annual member engagement survey.

Investor optimism premature, fund flows in firing line

KARREN VERGARA

While investor sentiment has improved since Liberation Day, geopolitical and tariff uncertainties will continue to deteriorate fund flows for asset managers, Morningstar predicts.

Geopolitical risks force family offices into alternatives, cash: Survey

KARREN VERGARA

Geopolitical uncertainties are forcing family offices out of US equities, diversifying into cash and liquid alternatives, according to BlackRock's annual Global Family Office Survey.

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