Australia: Superannuation & Funds Management - What's News - 7 August 2013

Last Updated: 8 August 2013
Most Read Contributor in Australia, September 2016

In the media

Super policy united under FSC/ISN alliance – MEDIA – 01 August 2013 - The Financial Services Council (FSC) and the Industry Super Network (ISN) are trying to unite the retail and industry fund sectors, signalling they have formed a relationship to lobby for sector-neutral super policies. More...

Researchers to be liable for losses – MEDIA – 01 August 2013 – Legal experts warn that ratings houses could be partially liable for money lost by investors in financial products they rate, following a landmark ruling in the Australian Federal Court. More...

Super industry backs five-year freeze – MEDIA – 01 August 2013 - The superannuation industry has welcomed the government's announcement that it will legislate a five-year moratorium on major changes to superannuation. Superannuation Council will produce a discussion paper about changes to superannuation every five years. More...

Talks underway on Investment Manager Regime – MEDIA – 01 August 2013 - An exposure draft and explanatory memorandum on the proposed final element of the Investment Manager Regime (IMR) legislation has been released. Under the proposed legislation, gains of foreign funds from the disposal of portfolio interests in Australian assets will be largely exempt from Australian tax. More...

ASIC report sets the standard for advice – ASIC – 01 August 2013 - Following intense scrutiny of 30 mid-tier financial advice firms, ASIC has laid out 12 recommendations for licensees operating in the post-FOFA world. ASIC Report 362 Review of financial advice industry practice: Phase 2 is based on detailed survey responses from the 21st to 50th largest financial services licensees. ASIC report sets the standard for advice

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

ASIC update on financial advice stakeholder engagement – ASIC – 31 July 2013 - ASIC have recently completed two significant engagement programs with AFS licensees who advise retail clients. These programs are part of ASIC's gatekeeper monitoring and ensuring these gatekeepers are adequately informed and resourced for the functions they undertake. ASIC update on financial advice stakeholder engagement

Fraudsters continue to target super– MEDIA – 31 July 2013 - The incidence of fraud involving Australia's $1.5 trillion superannuation pool could be significantly higher than previously forecast, according to an Australian Crime Commission (ACC) report. More...

Five year freeze on superannuation changes – TREASURY – 31 July 2013 -The Rudd Labor Government will make no major changes to superannuation tax policy for five-year periods, promoting confidence and stability in the superannuation system. The Charter will include the commitment to a five-year moratorium on changes to superannuation tax policy. More...

Government's Stronger Super reforms underway – TREASURY – 31 July 2013 - The Government is implementing its comprehensive package of Stronger Super reforms, ensuring Australia's superannuation system is sustainable and robust. A central component of the reforms will require greater transparency and information disclosure by superannuation funds. More...

ASIC cancels licence of Australian Public Trustees Limited - ASIC – 30 July 2013 - ASIC have cancelled the Australian financial services (AFS) licence of Australian Public Trustees Limited after it was found they had breached a number of the financial, reporting and other obligations of a financial services licensee. ASIC cancels licence of Australian Public Trustees Limited

ASIC points to legacy product issues – MEDIA – 25 July 2013 - ASIC appears to have reacted to an impending Senate Committee into its activities by substantially upgrading the contents and detail of its enforcement outcomes report. There were 78 enforcement outcomes achieved in the market integrity, corporate governance and financial services areas, and 293 in the small business area. More...

Financial services feels ASIC's wrath in 2013 – MEDIA – 25 July 2013 - ASIC took 63 actions against financial services providers in the first six months of 2013, including several notable entities. Releasing its fourth six-monthly enforcement report, the corporate regulator pointed to actions against Macquarie Entities, Suncorp and Wickham Securities as being among the most notable enforcement outcomes this year. More...

Performance probability needed on product dashboard, says AIST – MEDIA – 25 July 2013 - Return targets could be manipulated by using different probabilities under Product Dashboard requirements, the Australian Institute of Superannuation Trustees (AIST) has said in a submission to APRA. More...

Scam artists impersonate ASIC and MoneySmart – MEDIA – 24 July 2013 - Consumers are being warned to be wary of scam artists impersonating representatives of the ASIC and MoneySmart. ASIC said the confidence tricksters are calling up from offshore telling unsuspecting consumers that their banks, credit unions, or building societies have overcharged them, and requesting their bank details. More...

AFA to release code of conduct this year – MEDIA – 24 July 2013 - The Association of Financial Advisers (AFA) will release a finalised code of conduct by the end of this year. This code will apply to all AFA members and there will be the possibility to complement it with an opt-in exemption code which will be approved by ASIC. More...

ASIC joins EU regulators to monitor alternatives – MEDIA – 22 July 2013 - ASIC and 29 European Union (EU) securities regulators have entered into supervisory cooperation arrangements to support Australian alternative investment fund managers operating in the EU. More...

Published – articles, papers, reports

Review of financial advice industry practice: Phase 2
Author: Australian Securities and Investments Commission (ASIC)

The review of the 21st to 50th biggest Australian Financial Services (AFS) licensees has found a majority of licensees' income comes from product issuers, which may give rise to conflicts of interest, and management of conflicts of interest remains a "critical risk that requires ongoing attention from licensees" (31 July 2013) Report 362

The future of financial regulation
A speech by Greg Medcraft, Chairman Australian Securities and Investments Commission at the Financial Services Council (FSC) Annual Conference, 31 July 2013. The future of financial regulation

Keynote Address, Corporate Finance Leaders' Forum
Author: Parliamentary Secretary to the Treasurer Bernie Ripoll

Discusses changes the Government has recently introduced to Australia's executive remuneration and corporate governance framework and how these are designed to promote growth and stability in corporate Australia (23 July 2013). More...

Report 359 Report on the Australian OTC Derivatives Market – July 2013
A joint report by the Australian Prudential Regulation Authority, Australian Securities and Investments Commission and Reserve Bank of Australia (released 23 July 2013) Download REP 359 (PDF 585KB)

Reporting Framework for Superannuation Frequently Asked Questions

Author: Australian Prudential Regulation Authority

APRA has published 41 new FAQs regarding the reporting framework for superannuation (22 July 2013). More...

A super charter: fewer changes, better outcomes
Charter Group; Jeremy Cooper (Chair)

The final report of the Charter Group. This report outlines the views about the key principles that will guide the Council (July 2013). More...

In practice and courts

ASIC Consultation Paper 214 Updated record-keeping obligations for AFS licensees ( CP 214) Outlines the types of records that must be kept, including: records to prove that the licensee and its representatives have complied with the best interests duty and related obligations; records of ongoing fee arrangements entered into with a client; copies of documents - such as, fee disclosure statements and renewal notices - that fee recipients must receive for an ongoing fee arrangement, and records to prove the licensee and its representatives have complied with the ban on conflicted remuneration (31 July 2013). ASIC to boost record-keeping obligations

Investment Manager Regime legislation: consultation
Under this legislation, gains of foreign funds from the disposal of portfolio interests in Australian assets will be largely exempt from Australian tax. This exposure draft builds on industry consultation including submissions received on an earlier exposure draft. These changes will make the Investment Manager Regime more flexible. Consultation closes 13 September 2013. Details are on the

Treasury website (31 July 2013)

ASFA Consultations – 23 July 2013

Supplementary submission to APRA: Second set of draft prudential practice guides for superannuation

Submission to APRA: Draft Superannuation Reporting Standards SRS 700.0 Product Dashboard, 702.0 Investment Performance and 703.0 Fees Disclosed

Forthcoming Events

ASFA 2013 Conference

The ASFA 2013 National Confernece and Super EXPO will be held 13-15 November at the Perth Convention and Exhibition Centre. More...

Australian Superannuation Investment Conference (ASI) – Conference Overview

The ASI Conference is scheduled for 4 6 September 2013 on the Gold Coast

This year ASI will focus on global perspectives starting with the opening plenary showcasing some of the financial industry's heavy hitters. More...



Corporations Amendment (Compensation Arrangements) Regulation 2013 SLI 2013 No. 190
This regulation amends the Corporations Regulations 2001 to clarify the application of the compensation arrangements prescribed in Part 7.5 of the Corporations Act 2001 and to update references to New Zealand financial regulators in the Corporations Regulations 2001- Registered 26 July 2013. More...

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