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Terms of Reference
On 30 June 2006, the Parliamentary Joint Committee on
Corporations and Financial Services resolved to inquire into the structure and
operation of the Superannuation Industry (Supervision) Act 1993 and the
superannuation industry to ensure that it provides an efficient, effective and
safe regulatory structure for the management of superannuation funds, with
particular reference to:
- Whether
uniform capital requirements should apply to trustees.
- Whether
all trustees should be required to be public companies.
- The
relevance of Australian Prudential Regulation Authority standards.
- The
role of advice in superannuation.
- The
meaning of member investment choice.
- The
responsibility of the trustee in a member investment choice situation.
- The
reasons for the growth in self managed superannuation funds.
- The
demise of defined benefit funds and the use of accumulation funds as the
industry standard fund.
- Cost
of compliance.
- The appropriateness of the funding
arrangements for prudential regulation.
- Whether promotional advertising
should be a cost to a fund and, therefore, to its members.
- The meaning of the concepts “not
for profit” and “all profits go to members.”
- Benchmarking Australia against
international practice and experience.
- Level of compensation in the event
of theft, fraud and employer insolvency.
- Any other relevant matters.
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