News
ASIC improves disclosure of unlisted property scheme
risks
We have introduced a new disclosure principle and six new
disclosure benchmarks for unlisted property schemes to improve
investors' awareness of the risks of investing in these
products (28 March 2012)
ASIC improves disclosure of unlisted property scheme risks
Shadow shop results reflect need for higher professional
standards - SPAA
The SPAA has called for higher levels of competency in the
provision of financial advice following results from the ASIC's
shadow shop report.? The ASIC shadow shop report showed that only 3
per cent of financial advisers achieved the good quality ranking
and this highlights the challenge of raising professional standards
across the advice industry (29 March 2012)
More...
Superannuation jargon is a barrier for Australians, a
survey found
A Galaxy Research survey of 1,010 Australians aged 25-44,
commissioned by Virgin Super, found three in four Australians
believed super terminology was a barrier preventing them engaging
more actively with their super fund. The research suggests that a
move to more consumer friendly terminology would have a positive
impact on retirement savings (30 March 2012)
More...
ASIC survey results strengthen need for FOFA
reforms
Future of financial advice (FOFA) reforms tabled in Parliament
over the past fortnight should mean a better quality of financial
advice for investors. Just days after the reforms' passage,
ASIC released its anonymous "shadow shopping" survey of
financial planners, and its lacklustre results highlighted the need
for improved financial advice (31 March 2012)
More...
ASIC releases first enforcement report
The report outlines categories of gatekeepers against whom ASIC
has taken action including financial advisers, responsible
entities, credit licensees, market participants, directors, company
officers, insolvency practitioners and auditors in 2011 (29 March
2012)
ASIC releases first enforcement report
Bill Shorten stands firm on deal for higher
super
Addressing union leaders at the ACTU executive, Mr Shorten
maintained the government's position that some workers would
have to defer a portion of their annual pay rises over the next
seven years to fund the cost of increasing the superannuation
contribution from 9 per cent to 12 per cent (29 March 2012)
More...
APRA paper flags more superannuation
consolidation
New research released by the Australian Prudential Regulation
Authority (APRA) this week has pointed to the benefits of further
consolidation within the superannuation industry (27 March 2012)
More...
Trio investors call for ASIC, AFP action
A public meeting of Trio Capital investors has resulted in a call
for answers from ASIC and the Australian Federal Police (27 March
2012) More...
ASIC releases unlisted property
benchmarks
ASIC has turned its attention to Australia's unlisted property
schemes with the release of a new disclosure principle and six new
disclosure benchmarks for the sector. Under the new disclosure
requirements, unlisted property schemes must disclose whether they
meet the benchmarks (29 March 2012) More...
Government eases up on financial advice
reforms
The government has softened its planned shake-up of the financial
advice industry, removing a requirement for customers to "opt
in" to receiving advice. Under the proposed amendments, the
Australian Securities and Investments Commission will be able to
excuse advisers from the opt-in rule if they sign a professional
code of conduct by 2015 (22 March 2012)
More...
Super payments to rise under mining tax, says
ACCI
The ACCI warns of higher compulsory superannuation payments for
employers following the passage of the mining tax (20 March 2012)
More...
PJC raises MySuper concerns
Members of the Parliamentary Joint Committee have used their
MySuper report to address concerns over the numerous tranches of
the bill (22 March 2012) More...
PJC releases MySuper report
The PJC is recommending the government redraft the MySuper Bill to
clarify the clause relating to large employers and the provision of
tailored MySuper products. These include the MySuper provision be
redrafted to clarify that the large employer requirement of 500 or
more members of the funds needs to be satisfied upon authorisation
of the MySuper product, and at the end of each annual reporting
period (21 March 2012) More...
Working Paper: Effect of fund size on the performance of
Australian superannuation funds
Author: APRA The results of research into the relationship between
fund size and the performance of APRA-regulated superannuation
funds. (26 March 2012)
More...
Virgin Super jargon buster survey – March
2012
Author: Galaxy Research survey, commissioned by Virgin Super The
study was conducted among 1,010 Australians, aged 25-44 years, Nine
out of ten (89%) Australians support a campaign to simplify
superannuation terminology, and found three in four Australians
said the language used by superannuation funds is very hard to
understand (March 2012)
More...
Draft AML/CTF Rules amending Chapter 29 relating to
record-keeping obligations
They exempt electronic files from the record-keeping obligation,
if they are created by a reporting entity solely for the purpose of
submitting an electronic report to AUSTRAC, as such files duplicate
information already held by the reporting entity. A public
consultation period is open from 27 March to 23 April 2012. (27
March 2012) More...
Draft Modification to section 107 of the AML/CTF Act
relating to record-keeping obligations
Specifies that if a reporting entity makes a record of information
relating to the provision of a designated service, that record of
information must be retained for seven years after the making of
the record. This includes closed circuit television footage
relating to the provision of a designated service. The Instrument
modifies section 107 to reduce the record-keeping requirement from
7 years to 1 year for such footage. A public consultation period is
open from 27 March to 23 April 2012. (27 March 2012) More...
FOFA Bills passed by lower house
The
Corporations Amendment (Future of Financial Advice) Bill 2011
and the
Corporations Amendment (Further Future of Financial Advice
Measures) Bill 2011 have been passed by the House of
Representatives after the Government amended the
'opt-in' provision of the first bill by exempting
financial advisers bound by an ASIC approved code of conduct which
"obviates the need for persons bound by the code to be bound
by the opt-in requirement". Other suggested refinements and
deferral of mandatory compliance to 1 July 2013 are yet to be
tabled (22 March 2012)
Legislation
Bills Progress
Superannuation Guarantee (Administration) Amendment Bill
2011
Changes to the superannuation guarantee - Schedule 1 to this Bill
amends the Superannuation Guarantee (Administration) Act 1992 to
increase the age of an employee at which the superannuation
guarantee (SG) no longer needs to be provided from 70 to 75, and to
gradually increase the SG charge percentage from 9 per cent to 12
per cent - 19/03/2012 Passed Senate
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