Silk said the changes, part of Frydenberg’s “Your Money, Your Super” package, appeared to have “laudable” aims but he was concerned about a provision of the proposed best financial interests test that would reverse the onus of proof if fund trustees were taken to court for breaching it.“So funds have to prove that every dollar they spend is in the best financial interests of members, rather than a regulator having to prove the contrary,” Silk said.
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Well he would say that wouldn’t he?