Australia: Superannuation & Funds Management - What's News - 27 November 2012

Last Updated: 1 December 2012
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016

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...


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...



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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