In the media
Industry reacts to super governance bill
MEDIA – 18 September 2015 – Assistant Treasurer Josh
Frydenberg has introduced the Superannuation Legislation Amendment
to Parliament, sparking mixed reactions from the industry. More...
Super funds continue FY16 shaky start
MEDIA – 17 September 2015 – Superannuation funds had
one of the toughest months since the global financial crisis
(GFC), according to SuperRatings. The research
house found super funds with the median balanced option fell 2.9%
in August thanks to volatile investment markets.
More...
Industry funds lobby to block governance
changes
MEDIA – 17 September 2015 – Industry Super Australia
(ISA) has signaled it will be strongly lobbying
parliamentarians to block the Government's legislation changing
governance arrangements for superannuation funds including
one-third independent directors and an independent chairman.
More...
ASFA says super sector can self-regulate
MEDIA – 17 September 2015 – The superannuation industry
had the opportunity to measure its own performance and reduce
regulatory costs independently of the regulator by taking on
greater responsibilities, the Association of Superannuation Funds.
More...
'We have not been helpful' on fee disclosure:
ASFA
MEDIA – 17 September 2015 – The super industry only has
itself to blame for the incoherent and ineffective draft regulatory
guide on fee disclosure that is doing the rounds, says ASFA chief.
More...
FOS addresses Independent Review
recommendations
FINANCIAL OMBUDSMAN SERVICE – 17 September 2015 – The
Board of the Financial Ombudsman Service Australia
(FOS) today released a final status report showing
it has implemented all the key recommendations from its independent
review conducted in 2013.
More...
ChAFTA must pass Parliament during October
sittings
FINANCIAL SERVICES COUNCIL – 17 September 2015 – The
Financial Services Council (FSC) has set a
deadline for the Parliament to show bipartisan support for the
China-Australian Free Trade Agreement legislation by passing it
during the October sittings.
More...
Unnecessary changes to not-for-profit super funds puts
retirement savings of 5 million Australians at risk
INDUSTRY SUPER AUSTRALIA – 16 September 2015 – Industry
Super Australia (ISA) today urged the Parliament
to focus on getting superannuation to deliver more to members and
to investment opportunities that can drive economic growth. The
highest priority for superannuation right now are reforms to
rebalance tax concessions. More...
Consumers will have more protections under new super
legislation
FINANCIAL SERVICES COUNCIL – 16 September 2015 – The
Financial Services Council (FSC) welcomes the
Superannuation Legislation Amendment (Trustee Governance) Bill
2015 which was introduced to Parliament today. The Bill is
part of a package of reforms designed to increase competition and
raise standards of Governance across the entire superannuation
industry.
More...
Passage of the Asian Infrastructure Investment Bank Bill
2015
GOVERNMENT – 16 September 2015 – Legislation has been
passed that enables Australia to become a founding member of the
Asian Infrastructure Investment Bank (AIIB).
Australia will now have a pivotal leadership role at the AIIB,
working with other founding members including China, India, Korea,
the United Kingdom, Germany and France. The AIIB is expected to
become operational before the end of 2015.
More...
ASIC seeks improved compliance by responsible entities
and superannuation trustee
ASIC – 15 September 2015 – ASIC has today provided an
overview of some compliance issues identified during its proactive
surveillance of responsible entities and superannuation trustees
that are also holders of an Australian financial services
(AFS) licence.
More...
Asia Region Funds Passport provides opportunities for
Australia's financial services sector
GOVERNMENT – 11 September 2015 – Finance Ministers from
Australia, Japan, Korea, New Zealand, the Philippines and Thailand
have signed the Passport Statement of Understanding which signals
the commitment of these economies to join the Asia Region Funds
Passport (ARFP) ahead of its commencement in 2016.
More...
Collaboration vital to devise super
strategy
MEDIA – 11 September 2015 – Key public and private
sector stakeholders faced mounting pressure to develop more robust
and clearer long-term superannuation and retirement distribution
strategies as reforms. More...
Protecting Australians against financial
crime
GOVERNMENT – 9 September 2015 – The Abbott Government
has been urged to boost protections against financial scams and
exploitation after the Parliamentary Joint Committee on Law
Enforcement tabled its inquiry report into financial related crime.
The report makes 14 recommendations on issues ranging from internet
scams, identity fraud, and money laundering and counterfeiting.
More...
More...
ASIC reviews transparency information on super
websites
ASIC – 7 September 2015 – ASIC has recently surveyed
superannuation websites to check industry compliance with the new
executive officer remuneration and systemic transparency disclosure
requirements introduced as part of the Stronger Super reforms.
More...
Superannuation Guarantee (Administration) Act 1992
(SGAA): consultation
GOVERNMENT – September 2015 – As a part of announced
changes, the SG charge will be simplified by aligning the earnings
base for calculating the SG charge (currently total salary and
wages) with the earnings base for calculating SG contributions
(ordinary time earnings). Comments from interested parties on the
proposed legislation and the accompanying explanatory memorandum to
implement this announcement may be lodged
electronically by 18 September 2015.
Legislation
Commonwealth
Acts
Australian Defence Force Superannuation Act No. 119 of
2015
An Act relating to the Australian Defence Force Superannuation
Scheme, and for related purposes. Registered: 15 September 2015.
Date of Assent: 10 September 2015. More...
Bills
Superannuation Legislation Amendment (Trustee
Governance) Bill 2015
The Bill outlines amendments to the Superannuation Industry
(Supervision) Act 1993, Chapter 2 Regulation impact statement:
Schedule 1: Governance arrangements for registrable superannuation
entities and Chapter 3 Governance arrangements for the Board of the
Commonwealth Superannuation Corporation. Introduced and read a
first time: 16 September 2015. Second reading moved: 16 September
2015.
More...
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