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News
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...
Legislation
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
Cases
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...
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.