ASIC consults on updates to relief for superannuation calculators and retirement estimates

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ASIC has released Consultation Paper 351 Superannuation forecasts: Update to superannuation calculators and estimates relief (CP 351) to seek stakeholder feedback on proposed updates to relief and guidance for superannuation forecasting tools. Superannuation calculators and retirement estimates are low-cost forecasting tools that are intended to be a helpful prompt for consumers to review their financial situation,

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ASIC releases guidance and examples on records of advice

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ASIC has released an information sheet on records of advice (ROA) and three ROA examples to provide clarity to financial advisers and advice licensees on their obligations when using ROAs to provide personal advice to retail clients. INFO 266 FAQs: Records of Advice answers frequently asked questions (FAQs) about ROAs, including questions about their usage, preparation and

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Surveillance of investment switching by super fund executives identifies concerns with trustees’ conflicts arrangements

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An ASIC surveillance about personal investment switching by directors and senior executives of superannuation trustees has identified concerns with trustees’ management of conflicts of interest. ASIC looked at a sample of 23 trustees (including trustees of industry and retail funds), and focused on conduct during the time of increased market volatility arising from the COVID-19

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Check on superannuation trustee preparedness for new IDR requirements finds more work required

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A recent ASIC survey of registrable superannuation entities (trustees) about their preparedness for the new enforceable internal dispute resolution (IDR) obligations has identified some important areas requiring further work. Following the survey, ASIC engaged with individual trustees to understand in more detail the steps taken in their preparation. ASIC undertook this work to assist trustees

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ASIC consults on promoting access to affordable advice for consumers

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ASIC has issued Consultation Paper 332 Promoting access to affordable advice for consumers (CP 332). CP 332 seeks input from industry participants and relevant stakeholders to help ASIC understand: the issues and impediments relating to the supply of good quality affordable personal advice; and the practical steps that can be taken by ASIC and industry to improve

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ASIC consults on proposals about advice fee consents and independence disclosure

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ASIC has issued Consultation Paper 329 Implementing the Royal Commission recommendations: Advice fee consents and independence disclosure (CP 329). CP 329 seeks feedback on: draft legislative instruments that deal with advice fee consents and independence disclosure; and a proposal to issue more guidance in Regulatory Guide 245 Fee Disclosure Statements (RG 245) to help industry meet obligations around

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ASIC and APRA welcome law reform on superannuation regulator roles

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The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation. In response to recommendations from the Financial Services Royal Commission (FSRC), on 31 January the Treasurer released exposure draft legislation for consultation. The draft legislation introduces important reforms

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ASIC and APRA welcome law reform on superannuation regulator roles

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The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation. In response to recommendations from the Financial Services Royal Commission (FSRC), on 31 January the Treasurer released exposure draft legislation for consultation. The draft legislation introduces important reforms

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ASIC releases report on financial advice provided by superannuation funds

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ASIC has released Report 639 Financial advice by superannuation funds. This report examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds. In conducting the work, ASIC surveyed 25 superannuation funds about how they help members obtain financial advice (survey) and reviewed a sample

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ASIC warns trustees on new rules for Putting Members’ Interests First

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ASIC has called on superannuation trustees to improve the standard of communication to fund members about important reforms impacting member insurance arrangements. As a result of the recent Putting Members’ Interests First (PMIF) reforms, by 1 December 2019 superannuation trustees are required to write to members with a balance of less than $6,000. These members

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