In the media
ASIC releases minor updates to RG 97
ASIC released minor amendments to the fees and cost
disclosure regime for issuers of superannuation and managed
investment products (24 July 2020).
More...
Advice should cost $200 to $300: Actuaries
Institute
A regulatory framework is needed for affordable financial
advice for retirees in the price range of $200 to $300 which could
be through single issue scaled advice, or a modified version of
intra-fund advice, according to the Actuaries Institute (23 July
2020).
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ASIC suspends OTC derivatives issuer
The corporate regulator has suspended the Australian
financial services licence of Union Standard International Group
(21 July 2020). More...
FSC backs policies to promote Australia as a financial
services hub
FSC reforms would build on Australia's existing
strengths including our high quality education and training sector,
the rule of law, our political stability, and our well-established
funds management industry servicing Australia's superannuation
sector (16 July 2020).
More...
More not-for-profit fund PRI signatories than retail
funds
There is a clear lack of Principles of Responsible
Investment (PRI) signatories when it comes to retail superannuation
funds, compared to not-for-profit funds, according to a report (16
July 2020).
More...
Second wave of withdrawals sees nearly $30b taken out of
super funds
The new financial year has triggered what some are
describing as a fresh "run" on superannuation funds as
the Government's early withdrawal scheme allows people to take
out another $10,000 (16 July 2020).
More...
In practice and courts
APRA confirms second tranche early release surge
The Australian Prudential Regulation Authority has
confirmed a surge in second tranche early release applications) (14
July 2020).
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APRA letter to superannuation licensees on upcoming
legislative obligations
The APRA has written to registrable superannuation entity
(RSE) licensees reaffirming its expectations regarding two key
regulatory requirements - to undertake a Business Performance
Review by 31 December 2020, and an outcomes assessment by 28
February 2021. View the letter here (23 July
2020).
APRA weekly data on the superannuation early release
scheme
The APRA has published the latest industry-level and
fund-level data on the temporary early release of superannuation
scheme. The Early Release Initiative statistics for applications
received between 20 April - 12 July 2020 are available on the APRA
website here (20 July 2020).
ASIC Update: RG 97 Disclosing fees and costs in PDSs and
periodic statements
RG 97 provides guidance on how fees and costs should be
disclosed in Product Disclosure Statements (PDSs) and periodic
statements.
Transition period and July 2020 amendments - For PDSs, the new
requirements will apply to PDSs given on or after 30 September
2022. Issuers may elect to apply the updated PDS requirements from
30 September 2020 (24 July 2020).
More...
ASIC Consultation Paper 330 (CP 330)
ASIC has released Consultation Paper 330 (CP 330) on the
proposed use of its product intervention power to address
significant detriment it has identified in the continuing credit
industry. ASIC is concerned that the continuing credit products are
likely to result in significant detriment due to borrowers
incurring very high cost, relative to the loan amount (09 July
2020). More...
Cases
Day v SAS Trustee Corporation
[2020] NSWDC 381
Held: the term "at the time of the member's
resignation" does not mean on his last day of service or the
day after that. The words must be construed in the context of a
superannuation scheme. Semble, the decision maker must be satisfied
both at the time of certification and at the time of resignation
that the member of the scheme was suffering from the infirmity of
mind (or body) alleged. The infirmity must be indefinite at the
time of resignation, not temporary or transient, Dicta of IRC in
Court Session adopted.
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