Crackdown on Super Trustees, Lead Generators in Wake of Shield, First Guardian

Crackdown on super trustees, lead generators in wake of Shield, First Guardian

Save (0) Please login to bookmarkClose Username or Email Address Password Remember Me A swathe of reforms in the wake of the $1 billion failure of investment funds Shield and First Guardian will crack down on cold-calling by lead generators and arm regulators with enhanced powers to go after super fund trustees breaching their obligations. Subscribe to Lawyerly to access this article.Already a subscriber? Username or …

Labor Rules out Raising Compulsory Super Contribution From 12 to 15 Percent

Assistant Treasurer Daniel Mulino has ruled out lifting compulsory superannuation contributions from 12 to 15 percent. Currently, Australian employers are required to pay a compulsory 12 percent of a workers’ salary into a superannuation fund on top of wages. While federal public servants receive a 15.4 percent guarantee. “There’s no plans to lift the super guarantee. Getting it to 12 percent was the work of Labor governments over a very long p…

Labor to ban super cold-calling in Shield, First Guardian response

Assistant Treasurer Daniel Mulino will announce a fresh penalty regime for breaches of anti-hawking laws and limits to existing exemptions.

Super cold-calling banned after Aussies lose $1 billion

The government will enforce sweeping reforms around cold calling, predatory superannuation switching and managed investment schemes (MISs) in the wake of the Shield and First Guardian Master Fund collapses, which lost an estimated $1 billion in retirement savings and will subsequently bestow the three major regulators new powers. Minister for financial services Daniel Mulino announced three core reforms, one of which will stem "harmful lead gene…

Mulino unveils sweeping reforms to cold calling, MISs

The government will enforce sweeping reforms around cold calling, predatory superannuation switching and managed investment schemes (MISs) in the wake of the Shield and First Guardian Master Fund collapses, which lost an estimated $1 billion in retirement savings and will subsequently bestow the three major regulators new powers. Minister for financial services Daniel Mulino announced three core reforms, one of which will stem "harmful lead gene…