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

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

Fair game: A sectoral focus on unfair terms in financial services

The unfair terms regime – a recap In Australia, the unfair terms regime has existed in various forms since the 1970s. In the present day, it exists in multiple federal legislative regimes, such as the Australian Consumer Law, the ASIC Act and the Corporations Act. These regimes are designed to ensure the protection of small … Read more

Remediation Round-Up – Who is the proper payee?

Background This edition of HSF FSR Australia Notes is the first in our series dealing with legal remediation issues arising from exercises undertaken post Royal Commission. In this edition, as the title indicates, we examine the topical issue of where compensation payments should be made in a situation where multiple parties have been involved in … Read more

State of Play: Superannuation Guarantee FAQs

In this edition of HSF FSR Australia Notes, we cover some live issues facing employers with respect to their superannuation guarantee (SG) obligations. 1. What is the SG amnesty and how can you take advantage? Employers are generally required to make quarterly SG contributions in respect of their employees under the Superannuation Guarantee (Administration) Act … Read more

“In relation to” a financial service: Federal Court reaffirms wide angle lens

The Federal Court has recently reaffirmed that the phrase “in relation to” a financial service is necessarily of wide import. In this context, it is timely to reiterate the practical consequences of this broad interpretation in the context of financial services. “in relation to” In Australian Securities and Investments Commission v Hutchison [2020] FCA 978, … Read more