FMCA a big blow for workplace super
Schemes have a number of options in how they comply with the Financial Markets Conduct Act. (FMCA)
Unless designated as a restricted scheme, the standard requirements for a managed investment scheme mean governance must be divided between a licensed supervisor and a licensed manager, with a trust deed and a statement of investment policy and objectives that comply with the FMCA.
But if a scheme meets the requirements to operate as a restricted scheme and is designated as such, the requirement to have a manger licence and appoint a licensed supervisor does not apply, and instead the scheme only needs a licensed individual trustee as part of the scheme’s governance set up, be it as one of a group of individual trustees or as a director of a corporate trustee.
There are also provisions for legacy schemes to continue, provided they are closed to new members.
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