Alex Purvis

Alex Purvis

Senior Manager at Australian Securities and Investments Commission

HQ Location:
2 Allsop Street, Canberra, Australian Capital Territory, Australia
HQ Phone:
+61 2 9338 2600

Recent News  

AIST - AIST Policy News

Speaking at AIST's Legal and Compliance Ideas Exchange today in Melbourne, ASIC senior manager for investment managers and superannuation, Alex Purvis, said ASIC would be looking into disclosure and practices during the four-year transition period, the deadline of which was July 1, this year.
Ms Purvis said issues on ASIC's radar included members transferring from default products into Choice products. In particular, ASIC would examine what disclosure members may have received about the transfer process. AIST has long raised concerns about long and unjustified MySuper transition delays in the retail sector. As late as March this year, there was still an estimated $10 billion in accrued default amounts yet to be transferred across to MySuper products. Ms Purvis also discussed some of the early findings of ASIC's Employer & Super project and its Insurance and Super project involving more than 40 funds across the industry. ASIC is examining the benefits offered to employers by super funds, including the scale and extent of corporate hospitality. ASIC found that of the funds involved in its Employer & Super project, 77 per cent gave employers more information about super than the PDS. Acknowledging concerns among delegates at AIST's Ideas Exchange about the complexity of portfolio holdings disclosure, Ms Purvis noted that the reforms proposed in the Bills allowed a five percent disclosure exception for certain assets, but that this exception was subject to certain caveats that the information must also be commercially sensitive and disclosure must be detrimental to the members of the fund. Ms Purvis said funds should be aware that the proposed start date for portfolio holdings disclosure in the members' outcome bill currently before Parliament was 31 December 2018. If the Bill passed in its current form, this would bring forward by a year the current scheduled start date of 31 December, 2019. On insurance, Ms Purvis said ASIC's focus was on disclosure and conflicts of interest and it was particularly concerned about arrangements where members are charged as smokers in moving between divisions of funds unless they opt-out.

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http://investmentmagazine.com.au/author/davidr/

Speaking at the Australian Institute of Superannuation Trustees governance symposium, ASIC senior manager Alex Purvis said people were positive about being better informed, but their comprehension had its limits.

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Investment Magazine

Speaking at the Australian Institute of Superannuation Trustees governance symposium, ASIC senior manager Alex Purvis said people were positive about being better informed, but their comprehension had its limits.
At the conference, Purvis also told trustees not to fear the use of breach notifications in situations in which a fund was struggling to be fully compliant with the product dashboard.

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