Policy & Research Archive

2019 AIST Submissions

Monday, 15 July 2019

Putting Members’ Interests First Bill

AIST submits that in its current form the proposed Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019 would be significantly detrimental to members and would undermine trust in th...

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Friday, 5 July 2019

APRA approval to own or control an RSE licensee

AIST submits that the superannuation industry is made up of funds with varying ownership structures. Profit-to-member RSE licensees are run solely to benefit members and are not a source of profit ...

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Wednesday, 19 June 2019

AFCA Rules Change Consultation

AIST strongly agrees that financial firms should be identified within AFCA determinations. AIST would appreciate an industry roundtable to discuss how outsourced providers might be named in determ...

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Friday, 14 June 2019

Financial Institutions Supervisory Levies 2019-20

AIST believes that it is important that regulators are well resourced to conduct their supervisory duties however recommends that the raising of any levies on the industry to cover this should be o...

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Wednesday, 29 May 2019

APRA member outcomes consultation

AIST submits that APRA’s proposed changes to Prudential Standard SPS 515 do not properly align it with the recent member outcomes assessment legislation. The promotion of the financial interests of...

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Friday, 24 May 2019

Kinship structures and superannuation death benefits

AIST is supportive of broadening the definition of dependency to recognise cultural adoption and reflect First Australian kinship structures. We urge Treasury to consult directly with the Aborigina...

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Monday, 6 May 2019

Universal terms for insurance within MySuper

The joint Code owners of the Insurance in Super Code of Practice (AIST, ASFA & FSC) have jointly responded to the Treasury consultation on the development of universal terms for insurance within My...

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Friday, 3 May 2019

Proposed AFCA arrangements for comparative reporting of complaint data

AIST strongly believes that the public comparative reporting of complaint data is an important component of the financial services system. Accordingly, AIST has recommended that the public report ...

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Friday, 26 April 2019

Ending Grandfathered Conflicted Remuneration – draft Regulations

AIST rejects the Government’s proposal to allow the payment of grandfathered commissions and other conflicted remuneration under a scheme that does not put members’ interests front and centre.

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Friday, 12 April 2019

Enforceability of financial services industry codes

AIST has responded to a Treasury paper on the Financial Services Royal Commission recommendation about the enforceability of financial services industry codes. We supported industry codes as a mea...

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Wednesday, 10 April 2019

APRA Capability Review

Following extensive consultation with profit-to-member funds, AIST has made a submission to the APRA Capability Review chaired by Graeme Samuel AC. AIST recommends a new superannuation mandate to ...

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Wednesday, 10 April 2019

Consultation Paper 308: Review of RG 97 Disclosing fees and costs in PDSs and periodic statements

This submission raises concerns that the latest fee and cost disclosure proposals from the Australian Securities and Investments Commission (ASIC) will deny consumers who invest their super through...

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Friday, 29 March 2019

Insurance Claims Handling – Taking action on recommendation 4.8 of the Banking, Superannuation & Financial Services Royal Commission – Consultation Paper

AIST strongly supports the removal of the current exemption of insurance claims handling as a ‘financial service’. We query the basis for any exemptions if insurance claims handling becomes a ‘fina...

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Friday, 29 March 2019

Retirement Income Disclosure Consultation Paper

AIST does not support the requirement to mandate CIPRs as a default retirement income product to members. AIST supports effective disclosure and continuing efforts to simplify and improve disclosur...

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Friday, 22 March 2019

Ending grandfathered conflicted remuneration for advisers

AIST supports this exposure draft legislation which will see the end of grandfathered conflicted remuneration on financial products. We believe that the 2021 implementation date is too late, and t...

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Thursday, 7 March 2019

AIST response to the Protecting Your Superannuation Package Regulations 2019

AIST has raised concerns with Treasury about the challenges involved in smoothly implementing some of the key measures. The regulations contain detail about the communications to be sent to inactiv...

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Wednesday, 20 February 2019

Early release of superannuation

In this submission, AIST argues that access to superannuation to solve policy issues should be as a last resort, and policy change needs to be carefully thought through to avoid unintended conseque...

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Friday, 1 February 2019

Pre-Budget Submission 2019

AIST welcomes the opportunity to present our Pre-Budget Submission for 2019-20. Our submission presents a longer-term view of problems facing superannuation into the future, with recommendations de...

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Friday, 25 January 2019

Post-Implementation Review of the Prudential Framework for Superannuation: Data and Reporting Framework

AIST believes that the reporting framework does not presently meet its objectives and APRA needs to change its focus to include members’ best interest. Reporting standards do not enable system perf...

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Friday, 18 January 2019

Senate Economics: Social Security Amendment Bill

Schedule 1 to this Bill implements changes to Age Pension means testing to allow for new innovative income streams. AIST recommends that Schedule 1 be deferred due to the lack of a unified retireme...

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Wednesday, 9 January 2019

FSC Consultation Draft – Life Insurance Code of Practice

AIST is pleased to provide feedback on the Financial Services Council’s review of the Life Insurance Code of Practice Consultation Draft. AIST provided comments on the original iteration of the lif...

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