Treasury Laws Amendment (Your Future, Your Super) Act 2021 (46 of 2021)

Schedule 3   Best financial interests duty

Part 1   Main amendments

Superannuation Industry (Supervision) Act 1993

6   After subsection 34(2)


Standards relating to record keeping obligations

(2A) If standards are prescribed by the regulations for the purposes of paragraph 31(2)(n), 32(2)(g) or 33(2)(e), each trustee of a superannuation entity must ensure that those standards are, when applied to the operation of the entity, complied with at all times.

Penalty: 50 penalty units.

(2B) Subsection (2A) is an offence of strict liability.