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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