POWERED BY MOMENTUM MEDIA
Key EISS individuals to be examined on expenditure
Key individuals from EISS are expected to be examined by the prudential regulator regarding its past marketing and sponsorship expenditure.
Speaking at a Parliamentary hearing, the Australian Prudential Regulation Authority (APRA) was asked by Senator Andrew Bragg about what the regulator was doing to implement the new laws on best financial interests and pointed to EISS.
APRA executive board member, Margaret Cole, said the investigation into EISS on expenditure, governance and oversight commenced in May and was ongoing.
“We already have documentation that's come in pursuant to notices that were served. Considering that we would expect to examine key individuals here,” Cole said.
“We will focus on past events that gave rise to concerns as well as actions to prevent such things happening in the future.”
Cole noted APRA expected the practices of entities examined in its thematic expenditure review to cease.
“In many cases expenditure has stopped and that is appropriate. Where it has continued we are looking into that properly, and we will see what action we can take on it,” she said.
“But having new tests and new powers and the new burden of proof for the future, I would expect us again to be more muscular and bold in how we push into these issues.”
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
