Trustees of Registrable Superannuation Entities (RSE) should hold no other role or office

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry recommended that the trustee of a superannuation fund should be prohibited from having any obligations other than those arising from or in the course of its performance of its duties as trustee of a superannuation fund (see Recommendation 3.1).

The Government is today releasing exposure draft legislation and accompanying explanatory materials for public comment which implements recommendation 3.1. The draft legislation will prohibit superannuation trustees from having duties other than those arising from or in the course of the performance of its duties as a trustee of a superannuation fund.