It will focus on dealing effectively with member

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Unformatted text preview: re to ensure that they have the appropriate authorisations. they have been offered what may be illegal inducements. Disclosure Complaints handling ASIC regularly reviews product disclosure statements Trustees are required to have internal procedures for as part of its ongoing compliance role. It will focus on dealing effectively with member complaints and enquiries. reviewing superannuation product disclosure statements ASIC has found that there is scope for improvement in this after the introduction of choice of superannuation fund. area. In particular, improvements are needed in relation It will look at the accessibility of product disclosure to distinguishing between enquiries and complaints, statements (including those available electronically) in maintaining proper records, documenting procedures and addition to whether the product disclosure statements providing information to members about their right to lodge comply with the law. a complaint with the Superannuation Complaints Tribunal. There are new regulations about how fees and costs To help trustees improve their complaints handling should be disclosed in product disclosure statements and procedures, ASIC will soon issue guidance on complaints periodic statements. These do not apply to retirement handling. savings accounts. Trustees of superannuation funds need to ensure that all product disclosure statements given after 1 July 2005 comply with these regulations. ASIC considers the new fee disclosure requirements central to helping employees compare the cost of funds. 20 ■ CHOICE OF SUPERANNUATION FUND FINANCIAL ADVISERS ASIC will be reasonable in dealing with advisers that are genuinely trying to do the right thing under choice of superannuation fund. However, financial advisers can expect ASIC to take action for breaches that are deliberate, relate to long-standing legal obligations or could cause significant harm to the consumer. APPROPRIATE ADVICE Most of the legal obligations relevant to advice about choice of superannuation fund are not new. For example, ensuring client’s circumstances are taken into account, that the ad...
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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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