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10 October 2019
AIST welcomes the emphasis in Draft SPG 516 on the promotion of members’ financial interests. Pursuing long-term net returns for members must be the primary consideration in achieving optimal retirement outcomes, supported by risk management, governance, scale, sustainability and member services.
03 October 2019
AIST supports measures to ensure employer superannuation compliance but argues that an amnesty would weaken other existing and proposed compliance measures. Evidence shows that amnesties harm compliance culture. An amnesty was not recommended by the Government’s own inquiry into unpaid super. AIST recommends that the Bill not be proceeded with.
13 September 2019
AIST supports focussed and properly resourced regulators however recommends that the raising of any levies on the industry to cover this should be on a risk-weighted basis.
15 August 2019
AIST welcomes the changes which will remove loopholes which presently allow employers to reduce the Superannuation Guarantee (SG) entitlements of employees who use salary sacrifice arrangements. AIST suggests that the effectiveness of this measure could be enhanced by using gross remuneration as the basis of calculation of the SG.
09 August 2019
AIST strongly endorses the proposals to record all complaints, provide reasons and that reporting to ASIC is needed. However, AIST strongly recommends that a complaints data and reporting Framework is needed to ensure that a co-ordinated approach across funds, ASIC and AFCA is taken. The proposed definition of ‘complaint’ needs greater guidance.
07 August 2019
AIST is supportive of the powers which allow ASIC to step in and protect consumers’ interests but continue to highlight that in order for the powers to be effective their implementation must be accompanied by addressing systemic gaps in the disclosure and reporting framework.
15 July 2019
AIST submits that in its current form the proposed Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 would be significantly detrimental to members and would undermine trust in the superannuation system.
05 July 2019
AIST submits that the superannuation industry is made up of funds with varying ownership structures. Profit-to-member RSE licensees are run solely to benefit members and are not a source of profit to their owners(s) and this should be fully considered in the application to own or control an RSE licensee.
19 June 2019
AIST strongly agrees that financial firms should be identified within AFCA determinations.
14 June 2019
AIST believes that it is important that regulators are well resourced to conduct their supervisory duties however recommends that the raising of any levies on the industry to cover this should be on a risk-weighted basis.