The Financial Markets Conduct Act

The Financial Markets Conduct Act 2013 (FMCA) introduced a new regulatory regime for superannuation schemes, which at the end of a transition period (1 December 2016) will replace the Superannuation Schemes Act 1989 that currently applies.

Sovereign has 12 legacy retail superannuation schemes that are covered by the transition period through to 1 December 2016. Many of these superannuation schemes have been closed to new members for many years.

We intend to regularly update you as we progress through the FMCA programme of work, ensuring you are kept informed of each next step along the way.

We will add all the relevant information, template letters and FAQs, that we send you in our Hotlines, below as they become available.

Hotlines and resources

Hotline 1092 (22 March 2017)

This Hotline will update you the Complete Investor Plan Super (CIPS) update. Click here to read more.

Hotline 1086 (21 November 2016)

This week we sent a reminder letter to those clients who have not yet returned instructions to us. We also updated you on Vision Retirement Plan - any Vision policy surrendered will be paid out at the full withdrawal value.

Hotline 1079 (9 September 2016)

This update provides key points and links to information you need to know if you have clients who are members of the Complete Investor Plan Super

Hotline 1074 (9 August 2016)

This Hotline confirms that the trustee has resolved to wind up the superannuation schemes as proposed. It contained the following information:

Hotline 1070 (24 June 2016)

This Hotline was an introduction to FCMA and overview of our programme of work. It contained the following information:

Hotline 1068 (19 May 2016)