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Fees and Costs Deadline Deferred

ASIC has today issued a media release regarding the deferral of the deadline for implementing ASIC’s fees and costs disclosure requirements in product disclosure statements from 1 February 2017 to 1 October 2017. ASIC will be formalising this announcement by releasing an amended ASIC Class Order 14/1252 shortly. The terms of the amended instrument will…

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Bill introduced for “Independent Directors”

Legislation to mandate independent directors for superannuation trustees was introduced on 16 September 2015. A number of changes have been made since the Exposure Draft was issued in June. The most significant changes are to the meaning of “independent”. We have prepared a comparison of the relevant tests of independence under the Exposure Draft and the…

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Digital disclosure regime brings big changes

In July ASIC released two instruments to provide greater flexibility for making disclosures to investors: ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 ASIC Corporations (Removing Barriers to Electronic Disclosures) Instrument 2015/649 ASIC has also updated “RG 221: Facilitating digital financial services disclosures” to reflect the changes made by the new instruments.…

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New Governance Rules – Independent Directors

On 26 June 2015 the Government released exposure draft legislation that would impose on all APRA regulated funds a requirement to have a minimum of one-third independent directors/trustees and an independent chair. The aim, however, is clearly to encourage funds to move towards a majority of independent directors. This was a recommendation of the Financial…

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Time to Plan for Prudential Triennial Reviews

The Prudential Standards for Investment Governance (SPS 530), Insurance (SPS 250), Risk Management (SPS 220) and Conflicts of Interest (SPS 521) all require frameworks.  And they require the licensee to ensure that the frameworks are subjected to a “comprehensive review by operationally independent, appropriately trained and competent persons at least ever three years”. The Prudential…

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BT pinged for misleading advertising

ASIC issued a Media Release today in relation to two Infringement Notices issued to BT Funds Management Ltd for misleading advertising that appeared on search results pages generated by Google. The first notice relates to the statement “BT Super has outperformed industry super funds over the last 5 years*”  The statement was untrue.  Yes, there…

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Insurance claims – a new trend to place trustees in the firing line?

There are definite trends in superannuation litigation, particularly in relation to insured benefits. Many funds will have noticed that proceedings are often being commenced earlier than they were in the past.  More recently we have noticed that plaintiffs are also seeking ways to render trustees liable for failing to take a more proactive role in…

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QROPS mess

The United Kingdom (UK) Government’s Her Majesty’s Revenue & Customs (HMRC) department has recently written to all Qualifying Recognised Overseas Pension Scheme (QROPS) providers in Australia instructing them to ensure their schemes remain compliant with new rules that prohibit members from accessing their benefits before age 55, unless they are retiring due to ill health.…

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