Trustees of Registrable Superannuation Entities (RSE) Should no Other Role or Office
The submission to Treasury on the Exposure Draft in relation to the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2020 Measures)) Bill 2020: RSE license condition – no other duty (FSRC rec 3.1) was prepared by the Superannuation Committee of the Legal Practice Section.
It is proposed that all corporate trustees of registrable superannuation entities will have a new RSE Licence condition imposed so that the RSE Licensee must not have a duty to act in the interests of another person, other than a duty that arises in the course of:
- performing the RSE licensee’s duties or exercising its powers as trustee of an RSE; or
- providing personal advice.
You can read the full submission below.