FSR GPS: The best financial interests duty – super complex or super solution?

This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series provides some insights and practical guidance on the new ‘best financial interests duty’ that applies to superannuation trustees. This duty has been inserted into section 52(2)(c) of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act), amending the previous best interests duty. Is the … Read more

Anti-hawking regulations for financial services registered

On Friday 6 August 2021, Treasury registered the long-awaited anti-hawking regulations in relation to financial services, which can be found here. The Financial Sector Reform (Hayne Royal Commission Response) (Hawking of Financial Products) Regulations 2021 (Cth) operate to exempt certain conduct from the proposed anti-hawking prohibition coming into effect on 5 October 2021. Some key … Read more

FSR GPS: ‘BECOMING AWARE’ OF A SIGNIFICANT DEALING UNDER DDO

This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series provides some insights on the requirement to report significant dealings to ASIC under the upcoming DDO regime, which is due to come into effect on 5 October 2021. Under the DDO regime, a product issuer has an obligation to report a ‘significant dealing’ to … Read more

Draft Financial Accountability Regime legislation released for comment

On 16 July, Treasury released Exposure Draft legislation for the Financial Accountability Regime (FAR)(FAR Bill). While the FAR Bill has some similarities to the Banking Executive Accountability Regime (BEAR) in the Banking Act 1959 (Cth), there are some provisions of the FAR Bill which differ to BEAR and which raise concerns about over-regulation and uncertainty. … Read more