Unformatted text preview: thin the must not give or offer inducements to an employer on the speciﬁc exceptions in the law. Recent policy proposals condition that their employees join the trustee’s fund. This announced by the Australian Government may provide includes offering or giving discounted goods or services. additional exceptions in relation to ﬁnancial product advice.
The limited exceptions to this rule are where the offer to
Without the appropriate license or authorisation, a trustee
cannot give ﬁnancial advice about their fund, including to
existing or prospective members or to employers unless
they are acting within a legal exception.
For more information, see the ASIC guide Licensing: The
scope of the licensing regime: Financial product advice
and dealing (updated November 2002) and frequently
asked questions (QFS) 17 and 134 at www.asic.gov.au COMPLY WITH DISCLOSURE OBLIGATIONS
Trustees must prepare (and keep up to date) a product the employer:
■ relates to providing a ‘clearing-house service’ that distributes superannuation contributions to the
employee’s fund on behalf of the employer
■ relates to providing an administration or advice service relating to the payment of superannuation contributions
■ relates to an arms-length business loan (but only if it is the employer who is required to be a member of the
■ is available on the same terms to all employees who are also members. disclosure statement for their superannuation fund. reasonably need to make a decision about joining the fund. MUST NOT ALLOW MEMBERS OR TRUSTEES
TO ILLEGALLY ACCESS SUPERANNUATION
BENEFITS EARLY This includes information about the features of the fund, It is illegal for individuals to set up a self managed including insurance beneﬁts, and fees and costs. superannuation fund to obtain early access to their A trustee must also give additional information about the superannuation without meeting a condition of release, such fund on request to prospective and existing members and as retirement. Sig...
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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.
- One '13