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“ASIC recently examined switching of investment settings by directors and senior executives, highlighting widespread poor conflict-management arrangements. Longo has hit out at a quasi form of insider trading by superannuation fund insiders. Longo says trustees’ participation in the market is increasingly direct, with many large superannuation funds moving investment management functions in-house.Īs trustees insource more in terms of market participation, they need to ensure they have robust risk management, compliance and governance arrangements specifically focused on their obligations as market participants. “Our recent enforcement actions illustrate this – unsurprisingly they have highlighted that it is not efficient, honest, or fair to charge for services that are not provided, and nor is it efficient, honest or fair to mislead members in a way that might cause them to retain a higher-fee product when a lower-fee one is available.” “We have seen plenty of examples where the industry has not delivered the outcomes consumers should expect. “The significant duties of super trustees under the law mean that we should expect to see a culture within superannuation fund operations that is all about delivering for members – but unfortunately this is not always seen in practice.” The superannuation industry exists to serve Australians – not the superannuation industry, says Joe Longo, chairman of the Australian Securities and Investments Commission. But when it comes to what happens in somebody’s business, we believe business should make that decision and shouldn’t be told by the government what they should be doing.”ġ.52PM – Super industry needs to serve Australians: ASIC chairman “We support mandatory vaccines for health workers, for aged care workers, for disability workers, those who are working with vulnerable people. “But it is not the Commonwealth government’s policy that they should be told to do that. “If venues, businesses, airlines, other places of work seek to require of their employees to be vaccinated, they have that right under the law,” Morrison says. Scott Morrison says it should be up to individual businesses to decide whether to serve customers who have been vaccinated or not.Īsked by Labor’s Jim Chalmers over his criticism of Queensland’s plan to shut out unvaccinated patrons from hospitality venues while not attacking NSW’s similar approach, Morrison says he is being misrepresented. “We have supported the sensible, balanced approach, listening carefully to the medical advice, commissioning the Doherty Institute to provide the specific scientific hurdles for vaccination rates to be reached that would enable Australians to be given their life back and those restrictions to be lifted.” “There is a time and a place for controls and restrictions to be in place, and there is a time for governments to step back,” Morrison says. Morrison replies that Albanese is wrong: he says mandatory vaccines required of certain workforces had been based on medical advice.
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Opposition leader Anthony Albanese asks why the PM is opposed to vaccine mandates even though he has imposed them on aged care workers, Australians returning home, quarantine workers and even journalists attending his news conferences. Labor gets question time under way by targeting Scott Morrison over vaccine mandates, which have triggered a backbench revolt. Meanwhile in the Northern Territory, the Katherine lockdown has been extended as the Territory recorded two new local COVID cases in the area during the past 24-hour period.Ģ.08PM – Question time fires up over time and place for vaccine mandates.
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And after more than 600 days of border closures, thousands of foreigners who are fully vaccinated including skilled migrants, working holidaymakers, students and humanitarian visa holders will be welcomed back to Australia from December 1 without requiring a travel exemption.In national defence news, Prime Minister Scott Morrison has hailed the signing of the AUKUS framework with the British and US governments, saying it will allow Australians to undertake training on operating nuclear submarines.
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ASIC’s Joe Longo says consumers should approach crypto with caution, while AMP’s new chief executive Alexis George says she’s up for the challenge of revamping the culture after Boe Pahari’s sexual harassment scandal. Today, The Australian Financial Review held the annual Super & Wealth Summit in Sydney.