superchoice_obligations

For more information see asic policy statement ps

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Unformatted text preview: nificant penalties apply to both the fund advisers. and the recipient if a benefit is unlawfully released early. For more information, see ASIC Policy Statement (PS) Before considering an early release of benefits, trustees 168 Disclosure: Product Disclosure Statements (and other of superannuation funds should seek independent advice disclosure obligations) at www.asic.gov.au from an Australian tax professional who is familiar with the The product disclosure statement must be clear, concise, effective and contain the information an employee would superannuation legislation or note the warnings on the Tax MUST NOT MAKE FALSE OR MISLEADING STATEMENTS ABOUT THE FUND Office website at www.ato.gov.au/super conduct. This might include: PROVIDE INFORMATION ABOUT THE FUND ON REQUEST ■ making false or misleading statements, for example Trustees must comply with their obligation to provide A trustee must not engage in misleading or deceptive about whether the fund is a complying fund or eligible relevant information about their fund on request. This choice of superannuation fund, or about the features includes requests from members for additional information. of a fund (including its fees, costs and financial performance), or ■ failing to provide certain information about the fund. 10 ■ CHOICE OF SUPERANNUATION FUND ASSURE THE FUND’S OPERATIONAL FRAMEWORK Financial advisers need to ensure they have the right Trustees of superannuation funds need to ensure that superannuation (for example, personal or general advice). authorisations to cover the advice they give about the fund’s operational and IT systems can service their a robust and efficient way, without increasing the fund’s FULFIL THEIR AUSTRALIAN FINANCIAL SERVICE LICENCE OBLIGATIONS risks. The fund should have a risk-management strategy A licensed financial adviser must act honestly, efficiently that explicitly addresses these requirements, both at the and fairly, and comply with the conditions of their licence time of trustee licensing by APRA and subsequently. and financial services laws. requirements under choice of superannuation fund in A licensee must ensure that its authorised representatives are adequately trained and competent to provid...
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This note was uploaded on 03/25/2014 for the course FOBE 302 taught by Professor X during the One '13 term at Macquarie.

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