TRUSTS AND TRUSTEES – AUSTRALIA – REGULATION

Super watchdog failing to bite back

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Original article by Michael Roddan
The Australian – Page: 13 & 15 : 17-Dec-18

The Australian Prudential Regulation Authority’s proposed changes to the member outcomes test for superannuation funds’ trustees have been criticised by industry bodies. Australian Institute of Superannuation Trustees CEO Eva Scheerlinck says the revised standards should have given greater priority to net investment returns, noting that the purpose of the reforms was to address the issue of super funds that consistently underperform. A draft report from the Productivity Commission in June had advocated a much stricter outcomes test.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, AMP SUPERANNUATION LIMITED, NM SUPERANNUATION

Super carve-out is absolutely ridiculous

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Original article by Anthony Klan
The Australian – Page: 8 : 8-Aug-18

National Party senator John Williams has criticised a loophole in the Superannuation Industry (Supervision) Act which mean that super fund trustees cannot be penalised for breaching it. The statute stipulates that penalties for non-compliance include jail time and financial damages, but these sanctions do not apply to super fund trustees. Williams has described the situation as "ridiculous" and called for urgent action to address the issue.

CORPORATES
NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AMP LIMITED – ASX AMP, IOOF HOLDINGS LIMITED – ASX IFL