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

Last Updated: 11 February 2012
Article by Jenny Willcocks


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.

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