Financial Accountability Regime – OCC, not ‘OTT’

In this article, we address a cryptic pillar of the current Banking Executive Accountability Regime (BEAR) and the proposed Financial Accountability Regime (FAR): the obligation to deal with APRA and ASIC in an open, constructive and cooperative way. What would this obligation require? What would it not require? How can we prepare for it? In … Read more

FSR GPS: ‘Superannuation trustee service’ as a financial service

This edition of our ‘FSR GPS’ (Guidelines, Principles and Strategies) series covers the proposed laws recently tabled before Parliament to introduce a new ‘financial service’ in the Corporations Act 2001 (Cth) (Corporations Act) and Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), namely, the financial service of ‘providing a superannuation trustee service’. In … Read more

Remediation Round-Up: Superannuation

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Key points ASIC is expected to obtain a joint mandate with APRA to regulate the operation of superannuation funds. Once this mandate is introduced, we … Read more

Remediation Round-Up: Financial advice

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Introduction Financial advice has been a very significant area for financial services remediation in Australia in recent years. ‘Financial advice remediation’ is a broad term … Read more

Remediation Round-Up: Dealing with regulators

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Issues to consider When considering breach reporting to regulators, what are your potential obligations to remediate affected clients and how will you involve the regulators … Read more

Remediation Round-Up: The role of independent experts

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Issues to consider Does the remediation team have immediate access to advisors who can provide input on each stage of the remediation process, if an … Read more

Awareness about Fairness: Fair Dealing between Multiple Classes of Beneficiaries in the Superannuation Context

Introduction Section 52(2) of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) contains two statutory covenants of a registrable superannuation entity (RSE) that concern fairness, namely: “to act fairly in dealing with classes of beneficiaries within the entity” (sub-section (e)); and “to act fairly in dealing with beneficiaries within a class” (sub-section (f)). This … Read more

Remediation Round-Up: Dealing with the client

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Issues to consider Clarity and transparency is key when communicating with clients. Licensees should tailor communication strategies to the client’s technical and financial literacy. Settlement … Read more

Remediation Round-Up: Timeframes and statute of limitations

This article is a part of our Remediation Round-Up series which explores potential issues for financial services licensees when conducting remediation and ways to optimise the design of remediation programs. Issues to consider The selection of a remediation period is a critical decision in the development of a remediation plan, and will depend on a … Read more