Australia: Superannuation & Funds Management - What's News - 17 September 2013

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

In the media

Credit agencies called to account on ESG in sovereign debt ratings – MEDIA – 13 September 2013 - Investors want credit rating agencies to take on qualitative and quantitative environmental, social and governance (ESG) analysis when determining sovereign debt ratings to avoid another crisis in the $47 trillion sovereign debt market, according to the Principles of Responsible Investment (PRI). More...

Backlog of super complaints develops – MEDIA – 12 September 2013 - The Superannuation Complaints Tribunal (SCT) has acknowledged the development of a "backlog" of complaints and the need to hire additional staff to handle them. More...

Industry hands down ASIC report card – MEDIA – 12 September 2013 - For the first time in three years, ASIC's performance has been assessed by almost 1,500 financial services providers and investors. The survey also looked into what extent various "gatekeepers in the system have integrity". More...

Stakeholders rank finance industry integrity as poor – MEDIA – 12 September 2013 -

Stakeholders in financial services have little confidence in the industry's integrity and its capacity to manage conflicts of interest, with almost a third saying that the different sectors don't operate with integrity (12 September 2013). More...

Hedge fund industry calls for consistent global regulatory framework – MEDIA – 12 September 2013 - Global hedge fund industry body, the Alternative Investment Management Association (AIMA) has called for greater consistency in in global regulations governing the industry in its newly published statement of policy principles (10 September 2013). More...

GFC fallout causes PI concerns – MEDIA – 12 September 2013 - Claims against advice providers could be set to increase as the end of the six-year limitation period for losses suffered during the global financial crisis (GFC) approaches. Respondents in survey said the financial advice market was the profession most at risk when it comes to high claims activity (35 per cent), followed by directors and officers (27 per cent) and accountants and auditors (14 per cent) (10 September 2013). More...

Fertile ground for claims against advisers A new survey of over 150 professional indemnity insurance professionals, advisers, brokers and service providers earlier this month, finds almost half the respondents expected companies and/or directors would seek greater protection to guard against class actions and many (20 per cent) forecast greater restrictions would be imposed on terms (09 September 2013). More...

ASIC surveillance targets illegal phoenix activity - ASIC – 10 September 2013 - ASIC are targeting company directors with a history of failed companies as part of a surveillance program to combat illegal phoenix activity. ASIC action to combat phoenix activities includes removing directors who have been involved in two or more failed companies from the industry. More...

ASIC takes Credit Suisse and UBS to task – MEDIA – 05 September 2013 - Credit Suisse and UBS are the latest companies to attract the ire of the corporate regulator for their "potentially misleading" promotional material, dropping the use of the terms 'contingent capital protection' and 'conditional protection', respectively, from their promotional material for 'capital at risk' structured products. More...

Do your homework on researchers, says ASIC – MEDIA – 04 September 2013 - The corporate regulator has "strongly encouraged" advice providers to think critically about the research houses they use. ASIC's call for advice providers to "quiz" researchers comes as Regulatory Guide 79 comes into force. More...

ASIC Market supervision update, Issue 37, August 2013 Author: ASICM
The update includes: Suspicious activity reporting - ASIC Update; Updates to market supervision cost recovery arrangements, New rules on dark liquidity and high-frequency trading. Report into hybrid securities, Markets Disciplinary Panel (28 August 2013). More...

Independent Review of FOS - Call for submissions
As an ASIC approved external dispute resolution (EDR) scheme, FOS is required to undertake an Independent Review as outlined in the ASIC Regulatory Guide 139 (ASIC RG-139).
In accordance with ASIC RG-139.59, FOS is required to consult with ASIC on the Terms of Reference for the review and on the appointment of the Independent Reviewer. The FOS Board, in consultation with ASIC, have engaged Cameronralph Navigator to undertake this review. All submissions are due by 11 October 2013 (September 2013)

APRA final Prudential Practice Guide CPG 235 Managing Data Risk (CPG 235)
APRA released in final form its prudential practice guide on the management of data risk for all APRA-regulated institutions. This is a cross-industry guide applicable to all authorised deposit-taking institutions (ADIs), general and life insurance companies and superannuation funds regulated by APRA (02 September 2013). More...

Forthcoming Events

Superannuation Insurance Symposium 2013
AIST's Super Insurance Symposium (SIS) will cover the important issues in relevant to group insurance, case law, insurance design and regulator updates to provide superannuation personnel the most current information and case studies to improve their internal insurance practices. Date: 23 October 2013. More...

Fund Governance Symposium 2013
The FGS will cover the crucial issues in fund governance and works to place trustee directors and senior superannuation personnel in the best position to review and refine current governance practices and frameworks. Date: 22 October 2013. More...

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

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