Government proceeds to act on Royal Commission Recommendations
The Federal Government has commenced acting on the recommendations made by the Royal Commission following their review of the banking, superannuation and finance industry.
The Coalition Government has sought amendments to the Superannuation Industry Supervision Act along with some of their other superannuation bills to reflect the suggestions made in the Royal Commission’s final report. Some of these proposed changes include the banning of superannuation fund trustees from lavishly encouraging employers from selecting them as their default superannuation fund and extending civil penalties to superannuation trustees for breaching their covenants or the director’s covenant of obligations.
For more details on this, see Financial Standard’s article here.