Superannuation choice, ASIC and compliance: the 'choice regime' will have a significant impact on trustees, employers, employees and their financial advisers. As part of its professional education program, the SIA, now ISFB, has collaborated on a Super Choice campaign for advisers and compiled a simple checklist for advisers and clients on super switching.(SUPERANNUATION, Securities Institute of Australia, Australian Securities and Investments Commission)

Publication: Journal of Banking and Financial Services

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COPYRIGHT 2005 Australian Institute of Banking and Finance

The Federal Government's choice of fund policy became effective on 1 July following the introduction of the Superannuation Legislation Amendment (Choice of Superannuation Funds) Act 2004 (the Choice of Fund Act).

The Securities Institute of Australia (SIA) equipped its financial advisers with the tools to obey the rules on superannuation choice prior to implementation in July. Financial advisers are working in the front line of the new Super Choice regime and CEO, Brian Salter, has noted that 'It's up to advisers to observe the rules laid down by the Federal Government and so protect consumers' retirement incomes'.

The SIA's policy and professional education teams collaborated on a super choice campaign for advisers that includes: a short guide for licensed representatives entitled Super Choice No 'Ifs' No 'Buts'; a seminar series with ASIC participation; and an online professional education program.

Policy and advocacy at the ISFB

The ISFB has a well-developed policy and advocacy function, which is committed to raising standards in the securities and financial services industry by providing practical, contemporary and innovative education, fostering ethical and effective markets, and advocating high levels of professional...

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