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The intra-fund advice matric

Sep 13, 2024 | fssuper.com.au | Michael Vrisakis |Maged Girgis |Andrew Bradley |Tamanna Islam |Hartley Spring

This paper explores and seeks to demystify intrafund advice (IFA) and to provide well-needed legal illumination. It does so by identifying the key legal building blocks that need to be considered to properly understand intra-fund advice. ASIC guidanceThere is not a plethora of guidance around the nature and parameters of intra-fund advice.
Quality of Advice legislation - Treasury removes proposed regulatory burden on superannuation trustees

Jul 5, 2024 | lexology.com | Michael Vrisakis |Maged Girgis |Andrew Bradley |Hartley Spring |Isabel Chong

On 4 July 2024, Treasury agreed to make further amendments to the proposed section 99FA of the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) in the Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024 (Cth) (Bill), significantly decreasing the proposed regulatory burden on superannuation trustees regarding when they may deduct financial product advice fees from members’ superannuation.
State of Play: What Saves Trustees from the “No-Conflict” Rule when Investing in a Related Entity?

Jul 4, 2024 | lexology.com | Michael Vrisakis |Scott Donald |Hartley Spring

On 30 May 2024, the Supreme Court of Queensland handed down its decision in Perpetual Trustee Company Limited v Shambrook [2024] QSC 105 (PTCo v Shambrook). The fundamental issue in this case was whether a trustee, in allocating a beneficiary’s funds to a superannuation fund that shared a common parent company with that trustee, breached the rule against conflicts of the trustee’s duty and personal interest (the “no-conflict” rule).
Quality of advice tranche 1: HSF makes submission on Treasury consultation

Dec 6, 2023 | lexology.com | Michael Vrisakis |Fiona Smedley |Andrew Bradley |Maged Girgis |Ewan MacDonald |Tamanna Islam | +2 more

On 14 November 2023, Treasury released exposure draft legislation proposing amendments to a number of statutes in response to the Quality of Advice Review. Our team has made a formal submission on this consultation. In summary, our submission addresses the proposed removal of the exception to the conflicted remuneration provisions for benefits given by a client for the issue or sale of a financial product.