Australia: Superannuation & Funds Management - What's News? - 8 February 2012

Last Updated: 11 February 2012
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016


FOFA debate will follow PJC report: Shorten
The Minister for Financial Services has confirmed the Future of Financial Advice (FOFA) legislation will not be debated in Parliament before the Parliamentary Joint Committee (PJC) makes its recommendations late this month (03 February 2012) More...

FOFA's unintended consequence on superannuation advice
The Superannuation Complaints Tribunal (SCT) has warned that the Government's Future of Financial Advice (FOFA) regime could give rise to unintended consequences around disputes involving financial advice delivered by superannuation funds (03 February 2012) More...

ASIC continues Trio crackdown
The investigation into the collapse of failed fund manager Trio Capital continues, with the banning of another figure with ties to the firm. ASIC accepted an enforceable undertaking from Maher, after the Commission found he engaged in misleading conduct, and failed to disclose conflicts of interest, resulting in him gaining financial benefits from various financial deals (02 February 2012) More...

ASIC imposes conditions on Saxo AFSL
ASIC has imposed additional licensing conditions on the Australian financial services licence (AFSL) of Saxo Bank (Saxo). Saxo provided the trading platform for collapsed broker Sonray Capital Markets Pty Ltd (02 February 2012) More...

Super funds push for green investments
Under new guidelines released yesterday by the industry, fund managers in the $1.3 trillion sector will be expected to consider environmental, social and governance (ESG) principles when designing their investment strategy ( 02 February 2012) More...

ASFA wants longer implementation on MySuper
The Association of Superannuation Funds of Australia (ASFA) is calling on the Government to provide a longer implementation period for the introduction of MySuper arrangements. ASFA has argued that the employer compliance date for MySuper arrangements should be extended beyond the Government's planned 1 October, 2013, deadline to 1 July, 2014 (01 February 2012) More...

ASIC defines limits on superannuation funds advice
The Australian Securities and Investments Commission (ASIC) appears to have drawn a line under how far it is prepared to go in allowing superannuation funds to provide financial advice utilising web-based facilities and third parties without holding an Australian Financial Services (AFS) licence (01 February 2012) More...

Agribusiness guidance carries price tag
ASIC has outlined a number of options to address disclosure concerns within Australia's agribusiness sector that could result in cost increases for select responsible entities, financial advisers and retail investors (31 January 2012) More...

Agribusiness actions return to court
Class action cases against select Australians agribusiness firms that collapsed following the global financial crisis will return to court this month. Much of what's at issue in each of the cases is dependent on the individual projects' product disclosure statements that were issued that people signed up on (01 February 2012) More...

FOFA report will be ready by deadline: PJC
The Parliamentary Joint Committee (PJC) is on track to deliver its Future of Financial Advice (FOFA) reform findings to the federal government, with PJC chairman Bernie Ripoll declaring the evidence provided through industry submissions and public hearings is enough to return recommendations by the scheduled 29 February deadline (30 January 2012) More...

Former ARP Growth Fund operator prevented from participating in financial services, managing companies
ASIC has accepted an enforceable undertaking (EU) from the former operator of the ARP Growth Fund (ARP) permanently preventing him from working in the Australian financial services industry or managing a corporation (01 February 2012) More...
ASIC finalises investigation into Saxo Bank A/S following Sonray collapse
ASIC has finalised its investigation into Saxo Bank A/S, the former provider of the trading platform for collapsed broker, Sonray Capital Markets Pty Ltd (in liquidation) (01 February 2012) More...

Financial planners get voice at superannuation roundtable
The financial advice industry may have been denied a significant voice in consultations around the Stronger Super changes, but it has been given a solid voice on the Government's forthcoming superannuation roundtable (30 January 2012) More...

ASIC bans insurance director
A former insurance company director has been banned from providing financial services for two years after obtaining more than $400,000 of clients' money without their permission (31 January 2012) More...

Bid launched to widen superannuation options
A new superannuation roundtable will work on providing Australians with more options to bolster their retirement savings, the government says. The first stage will focus on improving the delivery of specific concessions, and the work to be completed by December 2012 (29 January 2012) More...

IMF World Economic Outlook Update - January Update
The IMF has downgraded growth forecasts in its World Economic Outlook update released today, citing the European crisis and deteriorating financial conditions as causes of weaker global activity. The IMF forecasts our region will continue to perform strongly and underpin global growth. China and India are still forecast to grow a solid 8.2 per cent and 7.0 per cent respectively in 2012 (25 January 2012) More...

Consumer Price Index - December Quarter 2011
The Consumer Price Index (CPI) was flat in the December quarter 2011, down from its 0.6 per cent increase in the September quarter. Headline inflation was 3.1 per cent through the year, down from 3.5 per cent in the September quarter (25 January 2012) More...

Company directors win watered-down liability provisions
Company directors have won a breakthrough in their push for less onerous liabilities, with the government declaring it will dump some provisions that hold directors personally responsible for corporate misconduct (28 January 2012) More...

Another credit squeeze threatens corporate Australia
A fresh credit squeeze threatens to entangle corporate Australia if Europe fails to resolve its debilitating debt crisis, according to new research by accounting consultancy Mercer (26 January 2012) More...

ASIC shadow shop results highly preliminary
ASIC has released highly preliminary figures from its financial planning shadow shop exercise at the Parliamentary Joint Committee (PJC) hearing, having given only 24 hours notice to the industry of its intention to do so (25 January 2012) More...

ASIC releases new regulatory guidelines for infrastructure entities
The Australian Securities and Investments Commission (ASIC) has released new disclosure benchmarks and principles for infrastructure entities in order to provide retail investors with a better understanding of the associated investment risks (24 January 2012) More...

Rice Warner predicts super industry to grow to $3.3 trillion by 2026
New research by Rice Warner Actuaries outlines the key challenges for the superannuation industry over the next decade, including a shift to post-retirement assets (23 January 2012) More...

Relief decisions - June to September 2011
Author: Australian Securities and Investments Commission
A report outlining decisions on relief applications between 1 June and 30 September 2011. The report also discusses the various publications released during this period (31 January 2012) More...

ASFA Submissions 2012

PJC on Corporations and Financial Services: MySuper Core Provisions
Inquiry intoSuperannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 (31 January 2012) Submission

Senate Economics Committee: Future of Financial Advice
Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011(31 January 2012) Submission

Productivity Commission inquiry into default superannuation funds in modern awards
The Australian Government has announced an inquiry into default superannuation funds in modern awards by the Productivity Commission. The Government indicated that the inquiry is expected to commence in early February 2012, after formal receipt by the Commission of the terms of reference.

The purpose of the inquiry is to design transparent and objective criteria for the selection and ongoing assessment of superannuation funds eligible for nomination as default funds in modern awards (January 2012)

ASIC Act updated: unconscionable conduct in financial services
Comlaw has published a consolidated Australian Securities and Investments Commission Act incorporating new sections 12CB and 12CC made by the Competition and Consumer Legislation Amendment Act 2011. The sections simplify the unconscionable conduct provisions of the Australian Securities and Investments Commission Act 2001. The changes commenced 1 January 2012



Legislative Commencements

Anti-money laundering and counter-terrorism financing rules amendment instrument 2012 (No. 1)
Commencement: 1/2/2012 (Part) - The amendments relate to Chapters 1, 8, 9, 21, 28 and 51, as well as the addition of Chapter 67, which provides an exemption from the applicable customer identification procedure in regard to "warrants" (31 January 2012)
The Rules are available at: and the Explanatory Statement is available at:

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.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Mondaq Advice Centre (MACs)
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.