In the media
Ten super funds covered two thirds of early release
total
APRA has published its first round of fund-level data on
the superannuation early release measure, reporting two weeks into
the scheme, the 10 funds with the highest number of applicants had
paid out a total of $4.2 billion (11 May 2020).
More...
APRA publishes first fund-level data on superannuation
early release scheme
The APRA's latest data on the temporary early release
of superannuation scheme has found trustees are processing 96 per
cent of payments within five business days (11 May 2020).
More...
ASIC bans three financial advisers
Three financial advisers have been banned by the
Australian Securities and Investments Commission (ASIC):
Christopher Harris for 10 years, and Bimaljeet Sekhon and Alan
Davies for three years each (11 May 2020 ).
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Update on the implementation of the Banking,
Superannuation and Financial Services Royal Commission
The Morrison Government has announced a six month deferral
to the implementation of commitments associated with the Royal
Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry as a result of the significant impacts
of the coronavirus (08 May 2020 ).
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Deferring the implementation of Royal Commission
recommendations is pragmatic and sensible
ASFA said that the updated implementation timeframe of the
Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry (Royal Commission) was appropriate,
given the significant impact COVID-19 has had both on Government
and the superannuation industry (08 May 2020).
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FPA response to deferral of Royal Commission
recommendations due to COVID-19
The FPA welcomes the Government's clarity on the
timings around the measures the Government had indicated it would
introduce into the Parliament by 30 June 2020. However, given the
current uncertain environment, the FPA believes the Government
should remain open to reviewing the timeline (08 May 2020).
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ASIC warns consumers: Investment advertising is not
always 'true to label'
ASIC warns consumers about investment advertising that
compares fixed-term investment products to bank term deposits,
which are not protected by the Government's Financial Claims
Scheme, and not supervised by APRA (07 May 2020).
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AIST: Early release insights coming into focus
More than one million Australians have applied for early
release, and a new survey assesses members' attitudes towards
the scheme, affter nearly three weeks of profit-to-member super
funds working round the clock to process payouts relating to the
Government's COVID-19 early release scheme (07 May 2020).
More...
Early release super fraud detected
The Australian Taxation Office (ATO) has
called in the Federal Police to investigate incidences of apparent
fraud against the Government hardship superannuation early release
scheme (07 May 2020).
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Tax agents potentially compromised in early access to
super fraud: ATO
A sophisticated fraud of the early access to super scheme
could have involved a breach of security at accounting firms, a
Senate inquiry has heard. AFP Commissioner Reece Kershaw said said
early investigations had indicated there was an "intrusion
into a third party" that was not a government agency (07 May
2020 ).
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Pershing pleads guilty to mishandling client money
Pershing Securities Australia (PSAL) has
pleaded guilty to mishandling client monies and in turn is the
first company in Australia to face criminal prosecution for
breaching client money provisions (06 May 2020).
More...
Strong demand for early super access prompts FPA to
launch digital Record of Advice solution for members
The Financial Planning Association of Australia
(FPA) has announced the availability of digital
versions of the Record of Advice (ROA) solution
'template' to support members who have been inundated with
requests for advice, following strong demand for early super access
(05 May 2020).
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APRA publishes first data on temporary early release of
superannuation scheme
All 167 funds that APRA requested data from regarding
early release payments provided it to APRA, although not all funds
had received applications from the ATO or paid benefits to members
during the week (04 May 2020).
More...
Olive Financial Markets Pty Ltd director banned from
financial services, AFSL cancellation stayed pending AAT
review
ASIC has cancelled the Australian financial services
(AFS) licence of Olive Financial Markets Pty Ltd
(Olive) following concerns that it had not complied with its
obligations as an AFS licensee and that it was likely that Olive
would contravene its obligations in the future (04 May 2020).
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In practice and courts
ASFA: Guidelines for debt agreement administrators
We have made important temporary updates to the certified
duties of debt agreement administrators, regarding proposals to
vary debt agreements. These changes are currently in affect for six
months (until 30 September 2020). For more information see
Practitioners: COVID-19 and changes to debt agreements. For
updated general guidelines for practitioners, see
Practitioners: COVID-19 and updated advice from the
Inspector-General.
ASIC REP 660 ASIC Enforcement Update July to December
2019
ASIC's overview of enforcement outcomes, priorities
and cases during the period 1 July 2019 to 31 December 2019: see
here. View the report
here. ASIC Enforcement update July to December 2019 (29 April
2020).
ASIC Corporations (AFCA Regulatory Requirement)
Instrument 2020/0433
Imposes additional conditions on the AFCA scheme relating
to 'SMEG Loans' and repayment deferrals for business loans
impacted by COVID-19 (07 May 2020). More...
ATO: Proposed Superannuation Guarantee amnesty
The proposed Superannuation Guarantee (SG) Amnesty (the
proposed amnesty) and re-introduced the associated legislation into
Parliament. Until the proposed amnesty law is enacted by
Parliament, ATO will continue to apply the existing law to the
SGC statements you lodge. For more information see the:
Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill
2019 .
AIST Submissions
08 May 2020 - CP329 - Advice fee consents and independence
disclosure
AIST supports the implementation of lack of independence
disclosure. AIST advocates for more guidance on what the content of
this disclosure should include, in order to ensure that clients can
understand what this disclosure means and the impact it may have on
the financial advice being received.
More...
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.