Policy & Research Archive

2018 AIST Submissions

Friday, 27 July 2018

AFCA Funding

AFCA must be appropriately funded to ensure they can provide an effective and efficient dispute resolution service to consumers and scheme members. The funding arrangements must be developed accord...

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Friday, 20 July 2018

Supplementary submission to Productivity Commission

This submission provides further information in response to a request from the Productivity Commission to provide further detail in relation to AIST’s proposal for an automatic rollover process tha...

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Friday, 13 July 2018

Response to Productivity Commission Draft Report

AIST welcomes the opportunity to respond to this draft report. AIST agrees that there is no place for long term underperforming funds in the default space. However, we believe enhancing the current...

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Friday, 6 July 2018

Senate Economics: Protecting Your Super Bill

AIST is pleased that changes recommended by AIST during Treasury consultation have been incorporated. However, we still believe that the proposed changes do not meet the policy objectives. AIST’s h...

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Wednesday, 4 July 2018

AFCA Rules

AIST believes it is important the proposed rules adequately replicate existing dispute resolution arrangements to ensure that consumers are not worse off overall because of the transition to AFCA. ...

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Friday, 15 June 2018

ASX Corporate Governance Principles & Recommendations

AIST supports the proposed amendments to the ASX Corporate Governance Principles & Recommendations. The ASX principles play an important role in establishing and maintaining high governance standar...

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Friday, 15 June 2018

Victims of crime compensation

AIST conditionally supports the proposal to allow victims of crime to access a perpetrator’s superannuation where the perpetrator made contributions to intentionally shield their assets. We do not ...

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Friday, 15 June 2018

Retirement Income Covenant for Trustees

AIST supports the proposal to include a retirement income covenant in the SIS Act. However, we do not support the proposal to mandate a CIPR as a default product for members’ retirements, as this i...

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Friday, 8 June 2018

Financial Institutions Supervisory Levies 2018-19

AIST supports the improvements in the process for raising levies. However, greater transparency, accountability and fairness are needed. Firstly, any discussion paper should be released simultaneou...

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Friday, 8 June 2018

Draft CPS 234 – Information Security

AIST supports CPS 234 as a useful mechanism to promote increased focus on information security and to promote continuous improvement. AIST believes that the requirement to notify incidents to APRA...

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Tuesday, 29 May 2018

Protecting Your Super Package

AIST generally supports the package, but changes are needed to better meet members’ best interests. The fee cap calculation needs review and sell spreads need to be included in the calculation of e...

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Friday, 25 May 2018

Senate Economics: Treasury Amendment Bill Number 4

AIST supports the measures in this Bill, however we consider that limiting the discussion on unpaid super to the Superannuation Guarantee and employees has several disadvantages. AIST has proposed...

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Thursday, 12 April 2018

Insurance in superannuation voluntary code of practice

This supplementary letter addresses the Productivity Commission’s consideration of insurance in the third stage of their inquiry into the competitiveness and efficiency of the superannuation system...

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Tuesday, 10 April 2018

CP 298: Oversight of AFCA

AIST supports appropriate regulatory guidance for disclosure regarding complaints resolution processes. Provision must be made for any delays in the transition to the new AFCA regime, and AIST sup...

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Friday, 6 April 2018

APRA member outcomes consultation

AIST supports the proposals which have an ongoing focus on improving member outcomes. AIST notes that there are three key issues which are fundamental and need addressing, being the difficulty of m...

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Friday, 23 March 2018

Regulations supporting transfer of early release of superannuation function to the ATO

AIST supports transferring the responsibility of assessing early release applications from the Department of Human Services to the Australian Taxation Office. However, we believe the regulations co...

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Tuesday, 20 March 2018

Competition in the Australian Financial System – Draft Productivity Commission Report

AIST agrees with the draft Report’s themes that consumers are losing their market power to shareholders and this causes consumer detriment. A consumers first approach is needed through ensuring ge...

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Tuesday, 20 February 2018

Expert Review of Superannuation Fees and Costs Disclosure Regime

AIST supports the Expert Review. Our key concerns with the Disclosure Regime stem from members being placed in a position of not being able to compare products, the inability at system level of com...

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Friday, 16 February 2018

Means testing of retirement income streams

In this submission, AIST offers a guarded support for the proposed means test treatment outlined in the Position Paper. Whilst we support the principles underpinning this paper, we do not believe t...

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Friday, 16 February 2018

Draft legislation - SG integrity measures

AIST supports the measures contained in this exposure draft. However, we recommend further measures to effectively address the systemic problem of unpaid superannuation. This submission includes re...

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Monday, 12 February 2018

Early Release of Superannuation Benefits

AIST believes that individuals should be able to access superannuation savings prior to retirement, but access should only be permitted in limited circumstances as early access can limit an individ...

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Friday, 9 February 2018

Product Design and Distribution Obligations and Product Intervention Power – Draft Legislation

We strongly support the Bill and ASIC’s Product Intervention Powers. However, we recommend that the Bill be amended so that all stages of the intermediated models of production and distribution are...

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Friday, 2 February 2018

Tax Integrity Measures

AIST supports these measures which will reduce the ability of LRBAs to circumvent restrictions on contributions. We point out that fund leverage adds to systemic risk in the financial system, and p...

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