Australia: Superannuation & Funds Management - What's News - 19 March 2013

Last Updated: 26 March 2013
Article by Jenny Willcocks

Most Read Contributor in Australia, September 2016

In the media

Super funds want different treatment on tax advice – MEDIA – 15 March 2013 - The Federal Government has been asked to clarify whether superannuation funds will have to be registered to provide taxation advice or related financial product advice under amendments to the Tax Agent Services Act currently being developed by Treasury. More...

ASIC rejects Trio claims – MEDIA – 15 March 2013 - The Australian Securities and Investments Commission has rejected claims $74 million was lost in Trio Capital immediately after the regulator began its probe into the collapsed superannuation fund. More...

FOS appoints four ombudsmen – MEDIA – 14 March 2013 - The Financial Ombudsman Service (FOS) board has appointed four new ombudsmen, who join the FOS decisions team and will be involved in making decisions on more complex disputes in banking, credit, investments and insurance related matters. More...

Advisers missing profit drivers: AFA white paper – MEDIA – 13 March 2013 - A four-year study of more than 12,000 financial advice clients has raised a number of 'warning bells' for the industry, including need for greater financial review, feedback and communication processes. (13 March 2013) More...

APRA approves LUCRF MySuper – MEDIA – 14 March 2013 - LUCRF Super has been authorised by APRA to offer a MySuper product. The super fund looks after approximately $3.4 billion in funds under management (FUM). More...

ASFA wants more clarity from Tax Agent Services Act – MEDIA – 13 March 2013 - The Association of Superannuation Funds of Australia (ASFA) has broadly supported the Tax Agent Services Act (TASA) but has recommended more explanatory material be provided for the benefit of financial advisers. More...

Accountants urged to lift their game – MEDIA – 13 March 2013 - The Superannuation Complaints Tribunal (SCT) is currently working through a raft of complaints about tax deductions on super contributions and has called for accountants to lift their game. More...

ASIC consults on regulatory approach to managed discretionary accounts – ASIC – 08 March 2013 - ASIC is reviewing its guidance and regulation of managed discretionary accounts (MDAs). Consultation Paper 200 Managed discretionary accounts: Updates to RG 179 (CP 200) 'This review will ensure that our requirements for MDA operators are up to date, address emerging risks and are consistent with the approach to other financial products and services. ASIC consults on regulatory approach to managed discretionary accounts.

Industry criticises ASIC over FOFA guide confusion – MEDIA – 06 March 2013 - Members of the financial advisory sector have questioned the degree of detail contained in ASIC's conflicted remuneration guidance, with some stating the timing of its delivery paired with more Treasury draft legislation creates confusion. More...

Existing contracts to be grandfathered under ASIC guidance – MEDIA – 05 March 2013 - Benefits being received under existing contractual arrangements will be allowed to continue provided those contracts are not materially changed, according to new FOFA regulatory guidance. ASIC warned it is more likely to scrutinise financial product advice to retail clients if the licensee or its representatives receives a grandfathered benefit as a result of that advice. More...

UBS cheats target key Australian interest rate – ASIC – 06 March 2013 - It has been revealed that Australia was targeted in a strategy by Swiss bank UBS to manipulate benchmark interest rates around the world. While ASIC is probing the attempted manipulation, financial market authorities are confident about the integrity Australia's benchmark rate mechanism. More...

Reminder: Exposure Draft — FOFA Regulations on grandfathering
The Corporations Amendment (Further Future of Financial Advice Measures) Act 2012 (the Act) amends the Corporations Act 2001 to introduce a ban on conflicted remuneration for financial services licensees and their representatives. The new section 1528 in the Corporations Act 2001 and the Corporations Amendment Regulation 2012 (No. 8) 'grandfathers' certain benefits from the application of the ban on conflicted remuneration. Closing date for submissions: Monday, 18 March 2013 More...



Superannuation Legislation Amendment (Reform of SMSF Supervisory Levy Arrangements) Bill 2013
Transcript of Parliamentary Joint Committee on Corporations and Financial Services inquiry into Superannuation Legislation Amendment (Reform of Self Managed Superannuation Funds Supervisory Levy Arrangements) Bill 2013, Thursday, 14 March 2013

Financial Framework Legislation Amendment (No. 2) Bill 2013
The Assistant Treasurer David Bradbury second reading speech introducing the legislation on 13 March 2013. The Bill and Explanatory Statement can be viewed here.

ASIC Class Order [CO 13/284]
This class order amends ASIC Class Order [CO 03/1099] to reflect changes to the regulatory structure in the United Kingdom, namely the renaming of the Financial Services Authority to the Financial Conduct Authority, which is to take effect on 1 April 2013 (14 March 2013) More...

Professional Standards Scheme Legislation Amendment Regulation 2013 (No. 1)
The Regulation amends the Australian Securities and Investments Commission Regulations 2001 and Corporations Regulations 2001 to prescribe the following professional standards schemes:

The New South Wales Bar Association Scheme; The South Australian Bar Association Incorporated Scheme; The Law Society of New South Wales Scheme; The Queensland Law Society Scheme; and

The Law Society of South Australia Professional Standards Scheme

The prescription of the above schemes commence on 1 March, 2013, and has the effect of limiting the occupational liability of members of the schemes relating to an action for contravention of section 12DA of the ASIC Act, or section 1041H of the Corps Act in the same way as occupational liability is limited under the relevant State and Section 12DA of the ASIC Act deals with misleading or deceptive conduct in relation to financial services. More...

Superannuation Legislation Amendment Regulation 2013 (No. 1) SLI 2013 No. 26
This regulation amends the Corporations Regulations 2001, Superannuation Guarantee (Administration) Regulations 1993 and Superannuation Industry (Supervision) Regulations 1994 to implement aspects of the Stronger Super reforms, including: aligning the types of insurances that can be offered in superannuation with the conditions of release, prohibiting self-insurance and detailing disclosure requirements relating to the transition to MySuper (04 March 2013). More...

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