Banking Royal Commission

Coverage of superannuation in the Banking Royal Commission (Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry). #bankingRC

Draft legislation for 22 Banking Royal Commission recommendations released

The Government has released draft legislation for consultation in response to 22 recommendations, and ‘additional commitments’, from the Banking Royal Commission. Treasurer Josh Frydenberg said the Government is “on track” to have almost 90% of the Royal Commission recommendations at least introduced to Parliament – not necessarily legislated – by… Read More »Draft legislation for 22 Banking Royal Commission recommendations released

Government consults on bringing BEAR regime to super funds

The Government has started consultation on bringing the Banking Executive Accountability Regime (BEAR) regime to superannuation funds, a recommendation of the Banking Royal Commission. The BEAR was legislated in 2017, in order to impose a new accountability regime on banks. One of the recommendations of the Royal Commission into Misconduct… Read More »Government consults on bringing BEAR regime to super funds

Action so far on Banking Royal Commission “pathetic”: Labor

Labor says the Government’s action so far on implementing the recommendations of the Banking Royal Commission is “pathetic”. Labor Shadow Minster for Financial Services Stephen Jones accused the Government of being more interested in “union busting” than implementing the recommendations of the Banking (Superannuation, and Financial Services) Royal Commission. “308… Read More »Action so far on Banking Royal Commission “pathetic”: Labor

APRA acts on related party insurance Royal Commission recommendation

APRA has started the process to implement recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry on super funds obtaining insurance from related parties, and how they classify members as smokers or other categories. APRA has written to the trustees of all large super… Read More »APRA acts on related party insurance Royal Commission recommendation

Class action filed against Colonial First State over MySuper transition

In yet another class action stemming from the Financial Services Royal Commission, Maurice Blackburn Lawyers have filed a class action against Colonial First State over its transitioning of members to MySuper products. It is alleged that super fund trustee duties were breached, causing “substantial losses to over 100,000 members over… Read More »Class action filed against Colonial First State over MySuper transition

Super funds to be scrutinised by Parliamentary Committee

Super funds and industry organisations are will be scrutinised by a Parliamentary committee as part of a continuing inquiry into the banks and other financial institutions. Chair of the House of Representatives Standing Committee on Economics, Liberal MP Tim Wilson, announced there would be hearings to scrutinise the superannuation sector… Read More »Super funds to be scrutinised by Parliamentary Committee

Class action against Westpac filed, third of Get Your Super Back campaign

Law firm Slater and Gordon has filed a class action against two Westpac subsidiaries on “behalf of thousands of superannuation members who were shortchanged by the bank’s super funds”. The Westpac subsidiaries are BT Funds Management Limited and Westpac Life Insurance Services Limited. This is the third class action in… Read More »Class action against Westpac filed, third of Get Your Super Back campaign

No timetable for key Banking Royal Commission superannuation recommendation

The Government has no timetable for implementing a key superannuation recommendation of the Financial Services Royal Commission, despite agreeing with it and setting out a roadmap for other recommendations. The Government has released an ‘Implementation Roadmap’ for the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and… Read More »No timetable for key Banking Royal Commission superannuation recommendation

Adviser who appeared before Banking Royal Commission banned for three years

A financial adviser who appeared before the Banking Royal Commission has been banned from providing financial services for three years by ASIC. ASIC announced that it has banned Sam Maxwell Henderson from providing financial services for three years. At times described as a ‘celebrity financial adviser’, due to his TV… Read More »Adviser who appeared before Banking Royal Commission banned for three years

Conflicted remuneration to stay under Government ‘rebate’ proposal

Superannuation industry bodies have strongly criticised a proposal by the Government to continue to allow conflicted remuneration, despite adopting a Banking Royal Commission recommendation. The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that “grandfathering provisions for conflicted remuneration should be… Read More »Conflicted remuneration to stay under Government ‘rebate’ proposal