In the media
Government's MySuper approach flawed and
inconsistent
MEDIA – 22 November 2012 - Superannuation fund members who
have deliberately chosen to invest in a default option should not
be subject to automatic transfer to a MySuper fund, according to
the Association of Superannuation Funds of Australia).
More...
Another affordable super product launched in
anticipation of MySuper reforms
TREASURY – 22 November 2012 - ANZ's new Smart Choice
product has been designed with the Government's MySuper reforms
in mind. It has an investment fee of half a per cent or 50 basis
points, and annual administration fee of just $50. By placing
downward pressure on fees, the Government's MySuper reforms are
estimated to save Australians $1.7 billion in fees annually in the
longer term.
More...
Super Funds set to post strong calendar year
returns
SUPERRATINGS – 20 November 2012 - October continued super
funds' resurgence in 2012, with a 0.9% return for the month
being the 9th positive monthly return this calendar year. However,
this has been tempered by equity markets contributing to a loss of
around 1% for funds so far in November, leaving the Calendar
year-to-date return at 8.3%. More...
CSSA calls out default fund selection
MEDIA – 21 November 2012 - Major superannuation funds may be
forced to close thanks to the Fair Work Amendment Bill 2012,
according to the Corporate Super Specialist Alliance (CSSA)
president. The CSSA has made a submission to the Standing Committee
on Education, Employment and Workplace Relations, objecting to the
selection of default super funds being incorporated in the Fair
Work Amendment Bill 2012. More...
ISN welcomes new rules on high frequency trading and
dark pools
ISN – 21 November 2012 – The Industry Super Network
has welcomed the Government's announcements on proposed market
integrity rules concerning the practice of high frequency trading
and dark pools. According to ISN's Director of Regulatory
Policy, the new rules if implemented effectively, should help
reduce the systemic risk presented by high frequency trading.
More...
Investors to benefit from new rules on high frequency
trading and dark pools
TREASURY – 20 November 2012 - The Minister for Financial
Services and Superannuation announces a package of market integrity
rules which will better protect investors who use Australia's
financial markets. The Government has delivered reforms that have
led to the development of a modern financial system, whilst
ensuring that there is a balance in place that adequately protects
investors and the stability of the Australian economy.
More...
Directors liable for unpaid super
guarantee
MEDIA – 16 November 2012 - Directors will now be accountable
for their company's outstanding superannuation guarantee charge
(SGC) under new laws. According to the Australian Taxation Office
(ATO), companies have two weeks to ensure their super guarantee
obligations are up-to-date for the June quarter - or directors risk
having to pay the guarantee themselves.
More...
ASIC provides new guidance on advertising credit product
and services
ASIC – 15 November 2012 - ASIC has reissued Regulatory Guide
234 Advertising financial products and services (including credit):
Good practice guidance (RG 234), to now include guidance to those
involved in satisfying legal compliance when advertising credit
products and services.
More...
ASIC tightens rules for
'gatekeepers'
MEDIA – 15 November 2012 – The regulator as proposes
the tightening of rules for some platform operators and responsible
entities (REs) of managed investment schemes. In its newly released
Consultation Paper 194, ASIC has proposed the increase in financial
requirements from $5 million to $10 million for REs and platforms
that hold property or assets in certain circumstances.
More...
Changes to default super funds to create more red tape
for small businessM
MEDIA – 15 November 2012 - Proposed changes to
superannuation which will force thousands of businesses to select
new default superannuation funds for their employees will mean more
administration and work for small business, according to a
superannuation expert.
More...
FPA calls for greater scrutiny of fund
managers
MEDIA – 14 November 2012 - Fund managers must be held to
account just like financial planners, says The Financial Planning
Association's Dante De Gori. Research from State Street
published yesterday showed that less than half of Australian's
believed advisers acted in the best interest of their clients. More...
APRA releases final prudential standards for
superannuation
APRA – 15 November 2012 - Australian Prudential Regulation
Authority has released a response paper and 11 final prudential
standards for the superannuation industry. The paper released today
outlines APRA's response to the main issues raised by industry
during the consultation process. More...
Fiduciary duty forgotten in related party insurance
arrangements
MEDIA – 15 November 2012 - Super fund members in retail
funds with binding insurance nominations are getting a raw deal, an
Australian Prudential Regulation Authority working paper has
suggested.
More...
Research highlights need for super fund members to
ensure their insurance is good value
AIST – 13 November 2012 -The Australian Institute of
Superannuation Trustees is urging super fund members to check that
they are not paying too much for their insurance coverage following
independent research released today that shows big differences in
the cost of cover provided by super funds.
ASIC to boost national adviser team off
FOFA
MEDIA – 13 November 2012 - The corporate regulator will
significantly boost its internal adviser team as a response to the
added pressures faced by the financial services industry and to bed
down Future of Financial Advice (FOFA) legislation changes. More...
Open super to banks or else, says Clyne
MEDIA – 13 November 2012 - Australia's banks are facing
a looming funding crisis that will force them to ration lending to
home buyers and businesses, National Australia Bank chief Cameron
Clyne has warned.
More...
ASIC Consultation Paper: Financial requirements for custodial or depository service providers The paper sets out requirements that apply to responsible entities of registered managed investment schemes and platform operators that hold scheme property or other property and assets and proposed changes to the financial requirements for providers of custodial or depository (C & D) services. ( CP 194) seeks feedback y 14 January 2013 (14 November 2012). More...
Cases
Sharp v Maritime Super Pty Ltd [2012] NSWSC
1350
DEEDS - question of construction of superannuation trust deed -
consideration of principles applicable to contractual
construction.
TRUSTS - duty of trustee to determine application by plaintiff -
where trustee proceeded on basis of what has now been found to be
an incorrect construction of the relevant Rule - whether matter
should be remitted to trustee to make determination having regard
to proper construction or whether Court should make a determination
as to the entitlement claimed - where no evidence that trustee
previously acted in bad faith.
HELD - matter remitted to trustee for determination.
More...
Legislation
Commonwealth
Superannuation (prudential standard) determination No. 8
of 2012 – Prudential Standard SPS 530 – Investment
Governance
This instrument determines Prudential Standard SPS 530 Investment
Governance.
Registered 23 November 2012. More...
Superannuation (prudential standard) determination No. 7
of 2012 – Prudential Standard SPS 521 – Conflicts of
Interest
This instrument determines Prudential Standard SPS 521 Conflicts
of Interest.
Registered 23 November 2012. More...
Superannuation (prudential standard) determination No. 6
of 2012 – Prudential Standard SPS 510 –
Governance
This instrument determines Prudential Standard SPS 510 Governance.
Registered 23 November 2012. More...
Superannuation (prudential standard) determination No. 5
of 2012 – Prudential Standard SPS 250 – Insurance in
Superannuation
This instrument determines Prudential Standard SPS 250 Insurance
in Superannuation.
Registered 22 November 2012. More...
Superannuation (prudential standard) determination No. 4
of 2012 – Prudential Standard SPS 232 – Business
Continuity Management
This instrument determines Prudential Standard SPS 232 Business
Continuity Management.
Registered 22 November 2012. More...
Superannuation (prudential standard) determination No. 3
of 2012 – Prudential Standard SPS 231 –
Outsourcing
This instrument determines Prudential Standard SPS 231
Outsourcing.
Registered 22 November 2012. More...
Superannuation (prudential standard) determination No. 2
of 2012 – Prudential Standard SPS 220 – Risk
Management
This instrument determines Prudential Standard SPS 220 Risk
Management.
Registered 22 November 2012. More...
Superannuation (prudential standard) determination No. 1
of 2012 – Prudential Standard SPS 114 – Operational
Risk Financial Requirement
This instrument determines Prudential Standard SPS 114 Operational
Risk Financial Requirement.
Registered 22 November 2012. More...
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