Politicians just don’t have the expertise to assess the effectiveness of ASIC and APRA, the bill explains. As per Hayne’s recommendation, the new Financial Regulator Assessment Authority will be tasked with doing the job properly.
Even in cases where remediation programs have begun or actions have been taken and where remediation is possible, regulators and government remain unclear about how trustees can direct funds to pay without impacting member balances, a House or Reps committee has heard.
Explore this immersive digital feature article to find out about this year's top executive incentive schemes, the fastest moving female CEOs and CIOs and a new analysis ranking remuneration on a per assets under management and per-member basis.
Perhaps the biggest surprise in the comparisons section of this year's Salary Survey is what’s not reported with remuneration disclosures of executives at both the Financial Services Council and Industry Superannuation Australia not made public.
ASIC’s new super enforcement and surveillance remit includes a focus on trustee competence and oversight that has led the regulator to investigate a “pocket of trustees” it believes is involved in misconduct, Karen Chester has revealed.
Whether new look profit-for-member trustees with balance sheets and new insurance arrangements leads to these funds attracting the same attention for civil penalties and remediation as for-profit funds remains to be seen.
The Melbourne Business School dean and RBA board member retains faith in the checks and balances in the system while pointing out that now is the time for people with serious ability to be attracted to our public service institutions.