This will include guidance about protect consumers

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Unformatted text preview: e guidance about protect consumers, investors and creditors. It licenses advice on switching superannuation funds. ASIC will businesses that advise on, or deal in, financial products also monitor compliance, for example, through shadow or provide financial services, including superannuation. shopping surveys. superannuation fund in the lead-up to, and after, 1 July 2005 so that the industry is aware of its ongoing It can also act against any misleading, deceptive and unconscionable conduct in relation to superannuation. superannuation, particularly on early access schemes. OVERVIEW OF APRA’S COMPLIANCE APPROACH Other than provisions prohibiting the offer of kickbacks to APRA regulates the prudent management of all complying employers and requiring disclosure of fees and costs in superannuation funds (other than self managed product disclosure statements and periodic statements, superannuation funds, which are regulated by the there are no significant new obligations for trustees Tax Office, and exempt public sector superannuation or advisers around choice of superannuation fund. schemes). ASIC works with the Tax Office in joint investigations on Therefore, ASIC expects them to be ready to comply with their legal obligations. In the lead-up to the initiative’s introduction, ASIC has been working with the financial services industry to ensure it understands its compliance obligations. ASIC therefore expects the industry to act responsibly, in the best interests of consumers, and comply with existing obligations relating to disclosure, advice and conduct (including advertising). Because most employers are new to the financial services regime, ASIC will take a balanced approach with employers who inadvertently provide advice without a licence in the early stages of choice of superannuation fund. This does not apply to those who deliberately fail to comply with the law. ASIC will also consider action against other unlicensed people who breach financial services laws. Where ne...
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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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