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Stay up-to-date with the issues affecting super.
02 June 2016
AIST welcomes the opportunity to comment on the Consultation Paper. AIST seeks clarification firstly as to the basis for excluding the AUSTRAC Industry Contribution from the requirements of the Government’s Cost Recovery Guidelines, and secondly why so many entities are excluded from the Industry Contribution.
While AIST welcomes consultation on proposed financial levies for 2016-2017, AIST is once again concerned that insufficient detail renders the proposal as non-compliant with the Government’s Cost Recovery Guidelines and Charging Framework.
20 May 2016
In this joint submission with Industry Super Australia (ISA), AIST supports the introduction of guidance specific to digitally provided advice that ASIC has issued. We support the clarity that the draft regulatory guide provides, however have recommended that guidance be expanded to include additional issues, including scaling advice, triage and IT outsourcing.
28 April 2016
AIST supports the removal of the exemption to conflicted remuneration of life insurance commissions. Whilst we the additional clarification contained in the draft regulations, we emphasise that this would not be necessary if commissions had been completely outlawed as they have been on other financial products.
27 April 2016
AIST has supported the remaking of two class orders dealing with product disclosure statements.
20 April 2016
AIST thanks the Productivity Commission for the opportunity to comment on the matters raised in the Issues Paper, and for the opportunity to discuss these issues directly with the Commissioners.
15 April 2016
AIST believes that the recent high profile failures in the insurance sector has come about due to differing expectations. AIST supports efforts to resolve this, but further notes that the many changes to policies, both at a macro/legislative level as well as at policy levels can only confuse consumers.
06 April 2016
AIST supports the primary objective for the superannuation being to provide retirement income for all Australians that, when combined with or in replacement of any public pension, ensures a reasonably comfortable living standard, in the spirit of fairness within and between generations.
30 March 2016
This consultation paper sets out ASIC’s proposals to remake class orders [CO 04/1431], [CO 04/1433] and [CO 04/1435] on dollar disclosure, with the repeal of class orders [CO 04/1430] and [CO 04/1432]. AIST generally supports the proposals contained in this consultation paper.
18 March 2016
AIST supports the proposal to continue the relief contained in Class Order 03/606 [CO 03/606] beyond the sunset date. We agree that the relief provided is sensible and should be retained.