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06 May 2019
The joint Code owners of the Insurance in Super Code of Practice (AIST, ASFA & FSC) have jointly responded to the Treasury consultation on the development of universal terms for insurance within MySuper.
03 May 2019
AIST strongly believes that the public comparative reporting of complaint data is an important component of the financial services system.
26 April 2019
AIST rejects the Government’s proposal to allow the payment of grandfathered commissions and other conflicted remuneration under a scheme that does not put members’ interests front and centre.
12 April 2019
AIST has responded to a Treasury paper on the Financial Services Royal Commission recommendation about the enforceability of financial services industry codes. We supported industry codes as a means of lifting standards or for assessing if community expectations and members best interests are being met.
10 April 2019
Following extensive consultation with profit-to-member funds, AIST has made a submission to the APRA Capability Review chaired by Graeme Samuel AC.
05 April 2019
This submission raises concerns that the latest fee and cost disclosure proposals from the Australian Securities and Investments Commission (ASIC) will deny consumers who invest their super through platforms and managed investment schemes (MIS) important consumer protection measures.
29 March 2019
AIST strongly supports the removal of the current exemption of insurance claims handling as a ‘financial service’. We query the basis for any exemptions if insurance claims handling becomes a ‘financial service’.
22 March 2019
AIST supports this exposure draft legislation which will see the end of grandfathered conflicted remuneration on financial products. We believe that the 2021 implementation date is too late, and this measure must be implemented as soon as possible.
20 March 2019
AIST does not support the requirement to mandate CIPRs as a default retirement income product to members. AIST supports effective disclosure and continuing efforts to simplify and improve disclosure for members, and supports the initiative of Government to ensure that this extends to retirement income products.
07 March 2019
AIST has raised concerns with Treasury about the challenges involved in smoothly implementing some of the key measures. The regulations contain detail about the communications to be sent to inactive members with insurance, calculation of the fee cap, and arrangements for the transfer of accounts to and from the ATO.