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
Legislation
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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