In the media
New superannuation account balance data shows gender gap
still persists
ASFA – 7 March 2014 – New research prepared by the
Association of Superannuation Funds of Australia (ASFA) has
confirmed that women still lag substantially behind men when it
comes to their superannuation savings, according to ABS-sourced
data released by ASFA. More...
New laws target promoters of early release
schemes
MEDIA – 7 March 2014 – The senate has passed a bill
allowing promoters of illegal early release schemes to be
prosecuted. While the Superannuation Industry (Supervision) (SIS)
Act already stipulates when early release of funds is and is not
legal, previously there was no law holding promoters of illegal
schemes to account. More...
Super funds trial digital membership card
MEDIA – 6 March 2014 – An undisclosed number of
Australian superannuation funds are piloting a new digital
membership card that would replace physical cards issued to super
fund members.
More...
Super fund websites not up to scratch:
study
MEDIA – 6 March 2014 – Superannuation funds are
lagging behind on the technology front with almost two-thirds
lacking a mobile-optimised website, according to a new study. The
IQ Group Benchmarking digital and mobile services study surveyed
the top 50 retail, industry and public sector superannuation funds
and revealed the "limits of digital readiness" of the
super industry.
More...
Managed investment schemes discussion paper
released
CAMAC – 6 March 2014 – in developing this discussion
paper, CAMAC has taken the view that the regulatory regime for
schemes should be aligned with that for companies, unless there are
compelling reasons for treating schemes differently.
More...
ASIC drops planned MDA changes
MEDIA – 6 March 2014 – Draft regulations were due to
be released in April this year, however, ASIC has now stated there
will be no change to the rules, saying it would wait to see how
FOFA would affect MDA operators. It also cited the Coalition's
deregulation agenda and its announcement of a moratorium on further
financial services regulation. More...
CSSA calls for intra-fund fee
transparency
MEDIA – 4 March 2014 – The Corporate Super Specialist
Alliance (CSSA) has expressed serious concerns around the way the
intra-fund advice fee is structured, claiming its current form does
not assist the improvement of quality of financial advice.
More...
Australia has the right investment mix for
superannuation: FSC new research
FINANCIAL SERVICES COUNCIL – 27 February 2014 –
Australia is on par with the UK, USA and Canada in the proportion
of superannuation (private pension) assets invested in equities.
New research for the Financial Services Council by Mercer has
benchmarked Australia's asset allocation for superannuation
against 11 other comparable private pension schemes around the
world.
More...
FOFA changes could start before May:
Sinod
MEDIA – 26 February 2014 – The Assistant Treasurer
Arthur Sinodinos told the Senate Standing Committee on Economics
today that Future of Financial Advice (FOFA) proposed amendments
could come into effect "earlier than May". More...
New television commercial ups the ante between industry
and retail super funds
ISA – 25 February 2014 – Industry SuperFunds today
launched a new version of the iconic Compare the Pair campaign
highlighting the sustained average outperformance of their funds
over the last decade. The launch marks the tenth year for one of
the finance sectors most influential consumer awareness campaigns.
More...
Australian pension funds growth the world's
highest
AUSTRADE – 24 February 2014 – Australia has
experienced the highest growth rate in pension (superannuation)
assets and remains the world's fourth largest pension market,
valued at US$1.6 trillion, according to the Towers Watson Global
Pensions Asset Study – 2014. The figure represented a
compound annual growth rate (CAGR) of 14% between 2003 and 2013.
More...
FOS chief explains role monitoring systemic
failures
MEDIA – 24 February 2014 – The Financial Ombudsman
Service (FOS) operates a system to log and investigate systemic
failures in companies, Chief Ombudsman Shane Tregillis says. As
part of our ASIC approval we do have an obligation in relation to
the identification and follow-up of a systemic issue.
More...
Caution on financial advice law changes
MEDIA – 24 February 2014 – The Financial Planning
Association of Australia (FPA) says winding back a ban on so-called
"conflicted remuneration" – commissions paid to
sales staff who put people into particular investment products
– for general financial advice would have negative outcomes
for consumers.
More...
Sinodinos announces SuperStream governance
structure
MEDIA – 24 February 2014 – The government has
announced that the ATO will have stewardship of the SuperStream
gateway network for the next two years. During this two-year period
the ATO will "convene a governance group made up of industry
participants, including gateway operators, superannuation funds and
employer representatives.
More...
Advisers exposed to "unreasonable"
claims
MEDIA – 21 February 2014 – The Governance Institute
has penned a submission to Treasury calling for the incorporation
of an "onus of proof" into the FOFA best interests duty.
While the Governance Institute opposes the government's
proposed amendments to FOFA, it has acknowledged that under the
current system financial advice professionals are exposed to
"unreasonable consumer claims".
More...
Latest performance data cements industry funds as best
option for default
ISA – 21 February 2014 – The latest independent rating
of superannuation fund performance has found industry super funds
have outperformed retail superannuation funds, typically owned by
banks, over both the short and long term (based on median returns),
according to the SuperRatings' Fund Crediting Rate Survey.
More...
Super starts slow in 2014
MEDIA – 20 February 2014 – Superannuation had a
sluggish start to 2014, with the median superannuation balanced
option recording a 0.9% fall for the month of January, according to
SuperRatings.
Super starts slow in 2014
ISA MySuper "quality filter" claims
"wrong"
FSC – 20 February 2014 – Industry Super
Australia's (ISA) support of the current MySuper 'quality
filter' has been condemned by the Financial Services Council,
which says the default fund selection tool provides little benefit
for employers.
More...
Report: Superannuation asset allocations and growth
projections
FSC – 27 February 2014 – This report, prepared for the
Financial Services Council by Mercer, surveys the differences in
asset allocation of private pension plans around the world. The
countries included in the report include: Australia, Canada, Chile,
China, Denmark, Hong Kong, Japan, South Korea, Netherlands,
Switzerland, the UK and the USA.
Asset Allocation of Pension Funds Around the World
Data alert: Australian pension funds
growth
AUSTRADE – 24 February 2014 – Australia's
superannuation assets rose to 105% of the GDP in 2013, up from 79%
a decade ago, according to the survey of 13 major pension markets
in the world.
Download the
Data Alert: Australian pension funds growth the world's
highest (PDF)
An update on the level and distribution of retirement
savings
ASFA – March 2014 – Data from the ABS Survey of Income
and Housing, compiled specifically for ASFA, updates information on
the incidence of superannuation in the community and the
distribution of superannuation assets between individuals. Average
superannuation balances in Australia can be expected to continue to
grow for many years as the private retirement-income system
matures.
More...
ASIC Class Order [CO 14/55]
COMLAW – 4 March 2014 – This class order operates to
extend the scope of the First Exemption of CO 13/1534 to a trustee
of an approved deposit fund and a pooled superannuation trust. More...
Office of Australian Information Commissioner (OAIC)
enforcement approach to new privacy laws: Statement
OAIC – 27 February 2014 – The Australian Information
Commissioner and Privacy Commissioner have issued a statement about
the OAIC's enforcement approach to new privacy laws from 12
March 2014.
More...
AIST submission: Review of the AML/CTF
regime
AIST – 28 February 2014 – The operation of the
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is
required to be periodically reviewed under the Act. This is
AIST's submission to the Attorney-General's Department to
this review.
More...
Exposure Draft: Corporations Amendment (Streamlining of
Future of Financial Advice) Bill 2014
Submission to Treasury February 2014, by the Governance Institute
of Australia, which recommends that all of the reforms contained in
the bill be put through as legislation rather than regulations.
More...
Reminder: The Superannuation Legislation
Amendment(Reducing Illegal Early Release and Other Measures)
Bill
Provisions will be re-introduced enabling the ATO to impose
penalties for breaches including fining trustees for: not keeping
proper records, not keeping minutes of their meetings, not lodging
returns, and more. The provisions are due to come into effect on 1
July 2014.
More...
Legislation
Commonwealth
Bills
Tax and Superannuation Laws Amendment (2014 Measures No.
1) Bill 2014
Parliamentary Secretary to the Treasurer Steve Ciobo second
reading speech introducing the legislation on 26 February 2014. The
Bill will mean that anyone caught promoting an illegal early
release scheme will be subject to civil penalties under the SIS Act
and Regulations. Contravention of the civil penalties can result in
civil or criminal penalties of up to five years imprisonment
– 6 March 2014 – passed both Houses.
More...
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.