Australia: Superannuation and Funds Management - What's News - 30 October 2012

Last Updated: 3 November 2012
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016

In the media

Investment managers pocket $6.2 billion in super fees
INDUSTRY SUPER NETWORK – 24 October 2012 - Australians pay an estimated $20.1 billion in fee revenue annually, with almost a third going to the funds management industry, according to research commissioned by Industry Super Network. The lion's share of super fund fee revenue is paid for distribution and investment management. More...

ASIC consults on code approval under FOFA
ASIC – 24 October 2012 - ASIC has released its consultation paper on its approach to code approval and relief powers under the Future of Financial Advice (FOFA) regulations, outlining plans to take a facilitative approach to the implementation of the reforms. More...

FPA launches Code of Professional Practice consultation
Financial Planning Association (FPA) – 23 October 2012 – the FPA welcomes the opportunity to support members with an enhanced Code of Professional Practice that solves the challenges posed by FOFA through a robust set of additional principles to guide appropriate behaviours and practices in the provision of advice. More...

Establishment of a Superannuation Consumer Centre
TREASURY – 22 October 2012 - The Minister for Financial Services and Superannuation has announced funding for the establishment of a "bricks and mortar" Superannuation Consumer Centre with a primary focus on superannuation policy research and advocacy (22 October 2012). More...

Government Reforms boost super savings and lower industry costs
TREASURY – 22 October 2012 - The Gillard Government has a strong record of delivering reforms that boost Australians' superannuation savings. This includes boosting the super guarantee from 9 per cent to 12 per cent, abolishing taxes on superannuation contributions for the nearly 1 in 3 workers who earn $37,000 or less. More...

Lost money to go to tax man
MEDIA – 23 October 2012 - The Government will collect an extra $675 million by lowering the threshold at which lost superannuation accounts are automatically moved to the Tax Office. From January 2013, the threshold is $2000 and no contributions for a year or more. More...

Financial Ombudsman Service legal challenge sets precedent
MEDIA – 18 October 2012 - A recently dismissed legal claim challenging the Financial Ombudsman Service (FOS) terms of reference in the Supreme Court of Western Australia sets a significant precedent for future challenges, particularly relating to frozen and unlisted asset disputes (18 October 2012). More...

New privacy protection on the cards
ATTORNEY- GENERAL – 17 October 2012 - The Australian Government is seeking views on the introduction of mandatory data breach notification laws, which aims to bolster privacy protections for Australians' personal information in digital databases. More...

MySuper Tranche 3 infringes adviser rights
Association of Financial Advisers (AFA) - 16 October 2012 - The 'tricky drafting' of MySuper Tranche 3 legislation intentionally infringes the property and income rights of advisers and causes key concerns, the AFA has claimed. More...

Prudential Standards for Superannuation Frequently Asked Questions
APRA - 25 October 2012 - Eight new FAQs regarding prudential standards for superannuation. More...

MySuper Frequently Asked Questions
APRA - 25 October 2012 - APRA has updated its FAQs regarding MySuper. More...

Default Superannuation Funds in Modern Award
Productivity Commission – 16 October 2012 - The full report and recommendations. More...

Superannuation Industry Report 2012
Rainmaker Information for Industry Super Network – 24 October 2012 - Not-for-Profit super funds, which account for 38% of member funds under management (FUM), and with approximately 46% of members, draw 34% of the fee total, said the research. More...

Treasury paper outlining Super Reforms
Department of Treasury - 22 October 2012 - Outlines Better protection for lost superannuation; Bringing our super industry online; SuperStream Advisory Council; Reduction in superannuation industry levy; Reforms to the SMSF levy; Tax certainty for deceased estates; Greater certainty for superannuation fund mergers. More...

ASIC consultation: code approval under FOFA
Consultation Paper 191 Future of Financial Advice: Approval of codes of conduct for exemption from opt-in requirement (CP 191) seeks feedback on how RG 183 should be amended for FOFA. It is relevant to advisers and industry representatives who are considering submitting either a new or existing code for approval (23 October 2012). More...

FPA: Code of Professional Practice consultation
Proposed revisions to the Financial Planning Association's (FPA) Code of Professional Practice have been announced to evolve the professional standards of members in line with the Future of Financial Advice (FOFA) reforms and the ASIC's RG183 - Consultation Paper 191 Future of Financial Advice: Approval of codes of conduct for exemption from opt-in requirement (23 October 2012). More...

Commonwealth: Super changes in Mid-Year Economic and Fiscal Outlook
The Mid-Year Economic and Fiscal Outlook contains changes relating to lost superannuation accounts and super fund mergers. The reforms to the transfer of lost accounts to the ATO will take effect from 31 December 2012. The Government will ensure that superannuation fund members are not disadvantaged where their benefits are rolled over within a fund or between funds October 2012). More...

Reminder: Superannuation Further Measures Bill: Tranche 4
The exposure draft of the Superannuation Legislation Amendment (Further Measures) Bill 2012 contains the fourth tranche of legislation for the Government's Stronger Super (MySuper and governance) reforms. The Bill's provisions an increase in the time limit for members to lodge complaints with the Superannuation Complaints Tribunal. The closing date for submissions: Friday, 2 November 2012. More...

APRA: MySuper transition
APRA has released for public consultation its draft guidance SPG 410 MySuper Transition. The guidance is intended to assist registerable superannuation entity (RSE) licensees to meet their obligations under Prudential Standard SPS 410 MySuper Transition which was released as a final draft on 3 October 2012. SPS 410 sets out requirements for the movement of accrued default amounts into a suitable MySuper product before 1 July 2017 (18 October 2012).

Current Consultations

Superannuation legislation amendment: further measures - public consultation9
Submissions close 2 November 2012 Hosted by the Treasury

ASIC consults on the constitutions of registered managed investment schemes - public consultation17
Submissions close 13 November 2012 Hosted by the Australian Securities and Investments Commission
Reporting standards for superannuation - discussion paper
Submissions close 16 November 2012 Hosted by the Australian Prudential Regulation Authority


Legislative Instruments

Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012
A Bill for an Act to amend the law relating to superannuation, and for related purposes.
Administered by: Treasury - Registered 22 October 2012. More...

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