Australia: Superannuation & Funds Management - What's News - 30 April 2013

Last Updated: 19 May 2013
Most Read Contributor in Australia, September 2016

In the media

APRA approves REI Super for MySuper – MEDIA – 24 April 2013 - REI Super has received authorisation from the Australian Prudential Regulation Authority (APRA) to offer a MySuper product from 1 July. More...

Intellectually disabled workers not getting superannuation – MEDIA – 24 April 2013 - Thousands of people with intellectual disabilities who want to work and put money away for their retirement are unable to because they do not receive superannuation. More...

APRA awards first retail MySuper licence – MEDIA – 23 April 2013 - Colonial First State (CFS) is the first retail fund to secure a MySuper licence from the Australian Prudential Regulation Authority (APRA). More...

Super fund market to reach pre-GFC level – MEDIA – 24 April 2013 - With the super fund market continuing to boom, a majority of members are ahead of where they were before the global financial crisis (GFC). More...

Infrastructure investments help widen the gap between industry super and the rest – ISN – 22 April 2013 - The latest SuperRatings data shows that industry super funds are broadening the average performance gap between themselves and retail funds over every time period for one, three, five, seven and 10 years. More...

Not enough oversight on outsourced intrafund advice – MEDIA – 18 April 2013 - Superannuation executives have warned super funds to implement more oversight of intra-fund advice and superannuation advice from associated planners to combat risk. More...

Tax loss incentive for designated infrastructure projects – MEDIA – 18 April 2013 - The Gillard Government today commenced public consultation on exposure draft legislation for a new tax loss incentive for major infrastructure projects. More...

ASIC calls for consistency in global regulation – MEDIA – 18 April 2013 - Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft has emphasised a need for consistent global regulation of financial services in a speech in Ireland. More...

FSC appoints three new directors – MEDIA – 18 April 2013 -The Financial Services Council (FSC) has appointed three directors to its board, including newly-appointed MLC chief executive and NAB Wealth group executive Andrew Hagger. More...

Managed funds in the black but under index – MEDIA – 18 April 2013 - Australian managed funds continued a growth rally which began in mid-2012 into the first quarter of 2013, but on average underperformed their respective indices, according to Morningstar data. More...

Government eyes Islamic finance growth opportunity – MEDIA – 17 April 2013 - The Australian government has said that the Islamic finance provides a opportunity for growth in the both the Australian financial services sector and the wider economy. More...

S&P vows vigorous defence against councils' 'lawsuit is without merit' – MEDIA – 19 April 2013 - Global financial ratings agency Standard & Poors has vowed to fight fresh legal action against it to recover millions of dollars lost by dozens of Australian councils after the local governments bought into junk, sub-prime instruments graded by the firm as AAA and AA quality investment products. More...

SuperRatings to 28 February 2013
SuperRatings research found that superannuation remains positive over the long term, with the sector increasing by 43.9 per cent from a February 2009 low (released April 2013). More...

APRA: SuperStream data collection consultation
APRA has released for consultation a supplementary reporting form to collect data to assist with the benchmarking and evaluation (23 April 2013). More...

APRA letter to industry: Trustee responsibilities
APRA has written to RSE licensees advising them of their new obligations to process rollovers within three days and use the Australian Taxation Office (ATO) developed SuperTIC service as their means for uniquely identifying member tax file numbers (TFNs) (22 April 2013). More...

Submission: Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013
Submission to Standing Committee on Economics, House of Representatives Inquiry into Tax and Superannuation Laws Amendment (2013 Measures No. 2) Bill 2013 (16 April 2013). More...

Forthcoming Event

Australian Superannuation Investment Conference (ASI)
The ASI Conference is scheduled g for 4-6 September 2013 on the Gold Coast. More...


Sharp v Maritime Super Pty Ltd [2013] NSWSC 389
Order for payment of interest by way of equitable compensation for breach of trust EQUITY - claim for equitable compensation - whether breach of trust in failing properly to investigate claim for total and permanent disablement benefit - failure correctly to apply Rule in Trust Deed as to entitlement to benefit
COSTS - offer of compromise - whether judgment or order no less favourable to the plaintiff than the terms of the offer in circumstances where decision on principal judgment was to remit determination of plaintiff's entitlement to a benefit to the trustee
Civil Procedure Act 2005 (NSW); Superannuation (Resolution of Complaints) Act 1993 (Cth)
Superannuation Industry (Supervision) Act 1993 (Cth); Trustee Act 1925 (NSW); Uniform Civil Procedure Rules 2005 (NSW). More...

Burns v Media Options Group Pty Ltd & Ors [2013] FCCA 79
HUMAN RIGHTS – Disability discrimination – sex discrimination – carers' and family responsibilities - discrimination in employment or in superannuation
The respondents to pay the applicant $81,213.46 as damages for breach of the Disability Discrimination Act 1992 (Cth) and the Sex Discrimination Act 1984. More...


Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2013 (No. 1)
Registered 15 April 2013 - This instrument repeals and inserts a new Chapter 29 and amends the relevant privacy notices in the AML/CTF Rules. Regulation and Explanatory Statement can be viewed here.

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