Submissions

  • Establishment of the Australian Financial Complaints Authority

    Posted: November 2017

    Superficially the combining of three different financial services complaints bodies into a new ‘one stop shop’ appears to have efficiency benefits. However, a deeper examination reveals profound challenges, which will be difficult for AFCA to overcome.

    These challenges include: concerns that superannuation fund complainants will not be better off; that trustees may face conflicting duties under...

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  • ASIC Enforcement Review: Consultation Paper on ASIC’s Directions Powers

    Posted: 23 November 2017

    Observing ASIC’s regulatory outcomes since the Global Financial Crisis it is clear that there are regulatory and enforcement tools missing from ASIC’s regulatory tool box.

    Limitations in ASIC’s regulatory suite were first highlighted by the CBA and Macquarie Bank Enforceable Undertakings (EU). More recently we have seen issues in the regulation of data collection in life insurance, supervision...

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  • The Trustee Arrangements Bill - Equal Representation: Governing for members

    Posted: October 2017

    Industry super funds support strong and effective governance arrangements that promote a strong culture of ethical behaviour, accountability, risk management and transparency.

    That is why industry super funds were vocal supporters of the enhanced governance requirements introduced through the Stronger Super reforms dealing with directors’ fitness, skill and expertise, and enhancing policies aro...

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  • Improving Accountability and Member Outcomes in Superannuation Measures No. 2 - (Salary Sacrifice)

    Posted: October 2017

    Industry super funds take their obligations to recover unpaid Superannuation Guarantee (SG) on behalf of their members seriously.

    Industry super funds work hard to recover unpaid super on behalf of their members. Equally, Industry Super Australia (ISA) has been agitating for some time for changes to the law to reduce the serious problem of unpaid super in Australia.

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  • Improving Accountability and Member Outcomes in Superannuation Measures No. 2 - (Choice)

    Posted: October 2017

    Industry Super Funds support a regulatory framework that provides for a strong default fund safety net, combined with strong consumer protections that prioritise members, together with clear and complete information to make informed decisions.

    For over a decade, since the introduction of choice of fund, industry super funds have, collectively and individually, been active market participants.

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