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Regulatory

Super funds to pass 'approved list'

MICHELLE BALTAZAR  |  THURSDAY, 24 JUL 2008
Senator Nick Sherry continues his campaign to "renovate the house" when he filed a government submission calling for a radical change to the way employers select their default super fund - suggesting a default fund should be chosen from an 'approved ...

Contribs tax for women under review

MICHELLE BALTAZAR  |  TUESDAY, 22 JUL 2008
Senator Nick Sherry's comments on potentially removing the 15 per cent contributions tax on super of women at certain stages of their work life fuels further debate on how the government can help narrow the gender gap on retirement savings.

Reserves okay and can be raised by fees: APRA

ALEX DUNNIN  |  FRIDAY, 18 JUL 2008
APRA dismisses claims that super choice means funds should no longer hold reserves for smoothing investment returns.

Introducing the Burnie Pub PDS

MICHELLE BALTAZAR  |  FRIDAY, 18 JUL 2008
The government moves to scrap Latin-like, 100-page product disclosure statements (PDSs) in favour of plain English four-page forms by creating a template to prove it can be done.

We need a fairness test: ASIC

MICHAEL HOBBS  |  FRIDAY, 18 JUL 2008
The lack of a fairness test governing how financial institutions treat their customers has resulted in excessive compliance rules that don't always work, said Jeremy Cooper, deputy chairman of the Australian Securities and Investments Commission (ASIC).

IFSA slams proposed default fund

ALEX DUNNIN AND RUTH LIEW  |  WEDNESDAY, 16 JUL 2008
IFSA has shot down a proposal by an APRA principal researcher for the government to set up a single-option indexed national default super fund to receive SG contributions.

Slash fees with national default fund

ALEX DUNNIN  |  FRIDAY, 11 JUL 2008
A researcher from APRA has outlined how the government could set up a single-option indexed default super fund to receive SG contributions that could operate at fee levels as low as 10 basis points.

ASIC bans three Westpoint planners

MICHAEL HOBBS  |  WEDNESDAY, 9 JUL 2008
The Australian Securities and Investments Commission (ASIC) banned three more financial planners involved in misleading clients on Westpoint products from providing financial services.

Sparks fly at APRA statistics forum

ALEX DUNNIN  |  THURSDAY, 3 JUL 2008
A forum convened by APRA to discuss their superannuation statistical surveys became one of the most heated seminars the industry has seen in years as the regulator reacted to heavy criticism that they are not properly reporting investment returns.

ASIC bans Oxford Investments

MICHAEL HOBBS  |  WEDNESDAY, 2 JUL 2008
The Australian Securities & Investments Commission (ASIC), backed by the Federal Court of Australia, banned Tasmanian based Oxford Investments Tasmania and its sole director for advising on financial products for 10 years.