Australia: Superannuation & Funds Management -What's News? - 25 January 2012

Last Updated: 29 January 2012
Most Read Contributor in Australia, September 2016


FOFA to continue dominating financial advice in 2012
FOFA is set to dominate again with the longer-term impacts and four key trends expected to characterise the market in 2012 – the end of 'one-size-fits-all' financial advice; a shift towards big or boutique licensees; business model specialisation and a focus on cost reduction and income diversification (20 January 2012) More...

FOFA compliance to cost millions warns FSC
The Financial Services Council (FSC) has added its weight to calls for the Federal Government to provide an appropriate transition time for the implementation of the Future of Financial Advice (FOFA) legislation (18 January 2012) More...

FOFA may force bank restructures
The ABA believes that the scope of the FOFA legislative package has extended significantly beyond the initial stated policy intent, and consequently will result in a number of adverse and unintended consequences for banks and banking groups and their customers (17 January 2012) More...

Financial planner reforms will disproportionately hurt SMEs
Independent financial advisors say that Government reforms of the sector will disproportionately hurt small- and medium-sized enterprises in the sector (16 January 2012) More...

Funds must disclose returns targets: SuperRatings
Only 40 per cent of superannuation funds have disclosed the CPI+ objective of their balanced option to SuperRatings, and none of them have hit their target over a three or five-year period (20 January 2012) More...

Stronger Super draft needs clarity
The second tranche of Stronger Super is in need of more clarity, according to AIST in its submission on the Bill, with calls for clearer terminology and the legal boundaries of trustees. Submissions are being accepted from industry participants on the Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 (17 January 2012) More...

MySuper comparisons must exclude services: AIST
In a submission to the Government on the recently announced Stronger Super changes, the AIST has argued ancillary services such as financial advice, insurance and online services should be completely excluded from the comparison of MySuper products (17 January 2012) More...

MySuper regulations fundamentally flawed
Industry concerns have arisen over pricing structures and fee levels under the proposed My Super legislation, with calls for the government to allow differential pricing. The concern on fee levels under MySuper was echoed by the Corporate Super Specialist Alliance (CSSA) in a submission to the Parliamentary Joint Committee on Corporations and Financial Services (17 January 2012) More...

ASFA outlines key disclosure rules push
Risk and volatility issues top priorities, with ASFA to push for two key matters to be incorporated into ASIC's guidelines for full disclosure on super fund asset holdings, and the FSC wants industry language standardised (16 January 2012) More...

SMSFs dominating super assets
The peak body for SMSFs has welcomed the latest Australian Tax Office statistics which show SMSF assets have grown at twice the rate of total super industry assets in the past five years to June 30 2010 (13 January 2012) More...

ASFA and FSC call for transparency on remuneration
The Financial Services Council (FSC) and the Association of Superannuation Funds of Australia (ASFA) have argued that director remuneration must be publicly disclosed (12 January 2012) More...


Exposure Draft – 2nd Tranche MySuper – Trustee Obligations and Prudential Standards
ASFA Submission to Treasury, 16 January 2012 More...

Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012
AIST submission, 13 January 2012 More...

Practice Notes

Personal Property Securities Register commences January 2012
The new national register commences on Monday 30 January 2012 and business owners and consumers may be affected by changes to personal property security laws as:

  • buyers of properties that may be subject to a security interest
  • business or consumer borrowers
  • providers of credit, or investors who are contemplating buying into a business

Personal Property Securities Register

Commonwealth – Treasury Current Consultations
Review of not-for-profit governance arrangements - consultation paper
Submissions close 20 January 2012 Hosted by the Treasury
Proposed amendments to the Corporations Act - discussion paper
Submissions close 30 January 2012 Hosted by the Treasury


SAS Trustee Corporation v Arthur Cox [2011] NSWCA 408
SUPERANNUATION - police superannuation - backdating of superannuation entitlement for hurt on duty injury to date of medical discharge - application made 16 years after discharge - whether primary judge took into account irrelevant considerations or disregarded relevant considerations - Police Regulation (Superannuation) Act 1906 s 9A(4), s 10BTRUSTS - Superannuation - defined benefit scheme - trustee a statutory body - duty of trustee -- whether trustee had a duty to advise beneficiaries of potential rights - relevance of contributions of fund SUPERANNUATION - where delay in processing application pending legislative amendments - whether error in position of law in considering delay between application for benefit and decision. More...

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