Statement on non-disclosure agreements and the royal commission
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017.
It is anticipated that hearings in relation to the superannuation industry will commence in the second half of this year.
The fifth round of public hearings, which focused on superannuation, took place in August 2018. The sixth round of hearings into insurance, including insurance in super, were held in September 2018.
The next round of hearings (Round 7) focused on policy questions arising from the first six rounds. They were held in Sydney (19-23 November 2018) and Melbourne (26-30 November 2018).
First Super wishes to inform members that, in order to provide our members with an open opportunity to make submissions to the Commission, it will not seek to rely on or enforce non-disclosure obligations or confidentiality clauses in legal agreements we have entered into with our members to settle disputes.
This commitment relates only to submissions to be made to the Royal Commission and any examinations that might subsequently take place in the Royal Commission in relation to those submissions. First Super maintains its rights under non-disclosure and confidentiality obligations in all other circumstances.
If any agreement entered into by the Fund and a member also involves one or more third parties, members will need to seek separate permission from those parties before making any such submission to the Royal Commission which would otherwise breach a non-disclosure or confidentiality obligation. We cannot waive those legal rights on behalf of third parties.
Significant Event Notices
The Trustee is required to notify members of material changes or significant events (as defined in the Superannuation Industry Supervision Act 1993) relating to their membership and/or entitlements with First Super. Such changes or events generally include changes to fees and costs, insurance cover or premiums, Government contribution limits or tax rates, composition of investment options or transfer of members’ benefits without consent.
First Super communicates such matters through Significant Event Notices (SEN) which may be issued exclusively or within other correspondence such as annual statements or newsletters. SENs may also be published online or emailed depending on the nature of the matter. Changes or events announced in a SEN are generally incorporated into the subsequent version of the applicable Product Disclosure Statement (PDS).