On 22 January 2013, the Parliamentary Joint Committee on Corporations and Financial Services held a hearing into the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012. The Bill, still before the House of Reps, contains the 4th and final tranche of legislation implementing the government’s MySuper and governance reforms.
The Committee heard from representatives from the Treasury, ASFA, AIST, Financial Services Council, Industry Super Network, and the Law Council of Australia. Issues discussed included: contribution rules; ability not to cap fees in relation to MySuper; director provisions; related party contracts; strict liability; “dual regulated entities”; APRA’s powers; infringement notices.
Further details are on the Committee’s website.
[LTN 18, 29/1/13]