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14 Feb 2019 Banking, Superannuation and Financial Services Royal Commission

The Government has tabled an amendment which acts on two recommendations in Commissioner Hayne’s Final Report, enhancing accountability of superannuation funds and strengthening protections for consumers. 

In his Final Report, Commissioner Hayne recommended (Recommendation 3.7) that breach of the trustee’s covenants or the director’s covenant or obligations should be enforceable by action for civil penalty. 

The Commissioner also recommended (Recommendation 3.6) that trustees be prohibited from “treating” employers in return for “having the recipient nominate the fund as a default fund or having one or more employees of the recipient apply or agree to become members of the fund”. 

Read more here.

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