Financial Services Royal Commission round 5 preview

The fifth round of the Financial Services Royal Commission commences on 6 August 2018 in Melbourne.

Round 5 will focus on the superannuation industry, including the difficulties Indigenous people face when it comes to understanding and accessing superannuation.

It will consider how RSE Licensees fulfill their duties to members of regulated superannuation funds and the extent to which structural or governance arrangements may affect the fulfillment of those duties. The hearings will also consider related issues such as selling practices in relation to superannuation, the relationship between trustees and financial advisers, the current legal regime and the effectiveness of regulators.

It will also look at identification issues, conditions of early release and the difficulties associated with the release of death benefits.

In addition to misconduct and conduct falling below community standards and expectations, it will also explore instances where retirement savings have not been deployed in the best interests of the members.

The Commission has published the following background papers on its website:

• Background Paper 22 – Superannuation
• Background Paper 23 – Overview of key regulatory reforms in superannuation (Treasury)
 Background Paper 25: Legal framework governing aspects of the Australian Superannuation System

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