Superannuation (prudential standard) determination No. 7 of 2012 - Prudential Standard SPS 521 - Conflicts of Interest
Conflicts management frameworkConflicts management framework
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Conflicts management framework
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An RSE licensee’s conflicts management framework must be appropriate to the size, business mix and complexity of the RSE licensee’s business operations.
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An RSE licensee’s conflicts management framework must provide reasonable assurance that all conflicts are being clearly identified, avoided or prudently managed and must, at a minimum, include:
(a) a conflicts management policy, approved by the Board, that meets the requirements of this Prudential Standard;
(b) clearly defined roles, responsibilities and resources for the oversight of conflicts management within the RSE licensee’s business operations;
(c) an up-to-date register of relevant duties; and
(d) an up-to-date register of relevant interests.
16. An RSE licensee’s conflicts management framework must include a process that outlines how the RSE licensee determines a duty or an interest to be relevant for the purposes of this Prudential Standard. A relevant duty or a relevant interest is one that might reasonably be considered to have the potential to have a significant impact on the capacity of the RSE licensee, the associate of the RSE licensee or the responsible person with the relevant duty or holding the relevant interest, to act in a manner that is consistent with the best interests of beneficiaries.
17. An RSE licensee must have procedures to ensure that all its relevant business units are made aware of, and have processes and controls for monitoring compliance with, the RSE licensee’s conflicts management framework.