It takes years and years for trust and reputation to be established in the superannuation industry before trustees leave their funds in the SMSF/ SAF/Fumas/PMS etc for them to manage. Sad to see the loss of trust.
With IOOF, one unique product they are offering is Small APRA Fund targeted certain clients under the brand of Australia Executor Trustees regulated by APRA. Perpetual is the other provider on the market offering this unique product in Australia.
On behalf of the members of Superannuation Fund, AET / Perpetual act as Trustees for the super fund. Being the trustees of the super fund, they need to meet the requirements to be qualified for being trustees and behave for the best interest of super fund. Misconduct is breach of SIS and it needs to be rectified under the supervision of APRA to avoid losing licenses.
This case will be time consuming and it will have huge impact to lawyers, auditors as well as ATO since the legal action is historic in Australian Superannuation Industry. Time will tell.
This Christmas is cold, even colder for people working in the industry.
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