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Fix regulators, not the law: AIST 08 April 2021 The proposed update to the best interests duty has sparked debate for stakeholders across superannuation, but a peak industry body has declared the law doesn’t need to change, regulators have held back on fully using their current powers.   One of the government’s proposals under the Your Future, Your Super reforms is an amendment to Superannuation Industry Supervision Act ( SIS Act), which would change the best interests duty to specifically requiring trustees act in members’ “best financial interests”.  The draft bill has also proposed to reverse the evidential burden of proof, so it is up to trustees and directors to show they performed their duties in line with the best financial interests of beneficiaries, rather than requiring regulators to prove their guilt.

Helen rowellSarah simpkinsAndrew braggScott donaldNadia bromleyLuke barrettDavid haynesMartin fahyCentre for lawAssociation of superannuation funds australiaLaw councilAustralian institute of superannuation trusteesLaw council of australiaSuperannuation industry supervision actAustralian instituteSuperannuation trustees