In the media
Independent ratings continue to show industry super
funds best option for default
ISA – 20 March 2014 – The latest independent rating of
superannuation fund performance has found the industry super funds
sector has again outperformed the retail superannuation fund
sector, typically owned by banks, over both the short and long term
(based on rolling median returns).
More...
Government limits general advice exemption in FOFA
amendments
MEDIA – 20 March 2014 – The Future of Financial Advice
(FOFA) amendments bill that was introduced into the Parliament
yesterday has limited the general advice exemption, but does not
explicitly forbid commissions. The Corporations Amendment
(Streamlining of FOFA) Bill 2014 did address the issue of
conflicted remuneration in general advice. More...
FOFA amendments tabled
MEDIA – 20 March 2014 – The government has tabled its
amendments to the FOFA legislation, with varying degrees of support
from the financial services industry. The Corporations Amendment
(Streamlining of Future of Financial Advice) Bill 2014 was
introduced in parliament by the parliamentary secretary to the
Treasurer, Steven Ciobo.
More...
FOFA amendments welcomed
AUSTRALIAN BANKERS ASSOCIATION – 20 March 2014 – the
ABA said the Government's proposed amendments to the Future of
Financial Advice (FOFA) legislation will ensure consumers have
access to free, simple advice.
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FOFA legislation commended
FINANCIAL SERVICES COUNCIL – 19 March 2014 – The
Financial Services Council has thrown its support behind the FOFA
legislation tabled in Parliament. John Brogden, CEO of the
Financial Services Council said: "Technical amendments
in the legislation will now allow consumers to get the advice they
can afford and want, and brings clarity and certainty to the advice
community, particularly in relation to scalable advice and the best
interest duty."
More...
Government acknowledges FPA concerns on
advice
FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA – 19 March 2014
– The Financial Planning Association of Australia (FPA) has
welcomed the Government's amended restrictions to the general
advice exemption under FOFA. The Corporations Amendment
(Streamlining of Future of Financial Advice) Bill 2014 was
introduced in Parliament today.
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Hasty changes to financial advice laws not in
consumers' or industry's interests
ISA – 18 March 2014 – ISA is concerned that normal
parliamentary scrutiny will be pre-empted by sweeping regulatory
changes that could take effect in just a matter of weeks. Rather
than create certainty, the regulatory changes risk creating
significant uncertainty for both consumers and industry.
More...
Changes to FOFA best interests duty will not impact
consumers: New legal advice
FINANCIAL SERVICES COUNCIL – 18 March 2014 – The
Financial Services Council has obtained new legal advice which
confirms proposed amendments to the best interests duty in the FOFA
amendments will continue to require a financial adviser to act in
the be interests of their client and will not reduce consumer
protection.
More...
Groundbreaking report confirms that superannuation has
"grown up"
ISA – 18 March 2014 – Industry Super Australia today
launched Funding Australia: Superannuation and the Financial
System, a groundbreaking study that charts the course of
super's rise and rise over the last twenty years.
More...
New report shows intra-fund advice is low-cost and
appropriate
ASFA – 18 March 2014 – The Association of
Superannuation Funds of Australia (ASFA) today released a new
report demonstrating that intra-fund advice is provided at a
relatively low cost per member per year.
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Productivity Commission report on infrastructure signals
super breakthrough
ISA – 13 March 2014 – The release today of the
Productivity Commission's (PC) Draft Report into Public
Infrastructure, could pave the way for substantial new investment
by super funds in infrastructure.
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Eight-point plan for global pensions dialogue required
to tackle challenges ahead: ASFA
ASSOCIATION OF SUPERANNUATION FUNDS AUSTRALIA – 13 March
2014 – ASFA CEO Pauline Vamos has called for an eight-point
discussion regarding the way pensions are delivered globally, to
ensure pension systems across the world are positioned to meet the
challenges ahead.
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Baird and Hockey to host forum on infrastructure and
superannuation
NSW GOVERNMENT – 13 March 2014 – Mr Baird used a
keynote speech to Infrastructure Partnerships Australia to announce
that he and Federal Treasurer Joe Hockey will host a Forum on
Superannuation and Infrastructure in Sydney in mid-2014 regulators
to discuss
barriers to greater investment in infrastructure by super funds.
More...
Major superannuation and retirement income changes in
Australia: a chronology
APH LIBRARY RESEARCH PAPER – 11 March 2014 – The
purpose of this chronology of key events is to provide an
historical context with which to understand the evolution of
superannuation and retirement income policy in Australia.
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Funding Australia: Superannuation and the Financial
System
ISA – 18 March 2014 – The report finds that super is
already providing over $70 billion in retirement benefits each year
– double that of the aged pension, and just last year the
super system invested an aggregate of about $30 billion in
infrastructure, private equity, and direct property. Key findings
from the report are presented in this infographic: Superannuation:
funding retirement, funding Australia;
Download document
Future of Financial Advice Amendments –
Details-stage Regulation Impact Statement
DEPARTMENT OF FINANCE – 19 March 2014 –
Australia's financial services industry is a significant part
of the Australian economy, driven by Australia's ageing
population and increasing pool of superannuation funds. An
options-stage RIS was prepared by the Department of the Treasury to
facilitate consultation. A details stage RIS was subsequently
prepared and certified by the Department of the Treasury, and has
been assessed as adequate by the Office of Best Practice
Regulation.
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AML/CTF Act, Rules and regulations review
The closing date for submissions to the Issues Paper for the
Review of the AML/CTF Act, Regulations and AML/CTF Rules has been
extended until Friday 28 March 2014.
More....
ASIC Information Sheet 196: Audit quality – the
role of directors and audit committees
ASIC – 17 March 2014 – The role of directors and audit
committees sheet explains: why audit quality is important; the
responsibilities of the auditor; the roles of directors and audit
committees; the responsibilities of directors for auditor
independence; who should manage the appointment of auditors; what
matters should be considered in setting audit fees, and what
directors and audit committees can do to promote audit quality. (
INFO 196)
Fair Work Australia: Superannuation 2014 Review –
Statement issued
FAIR WORK AUSTRALIA – 13 March 2014 – The Expert Panel
issued a
Statement on 11 March 2014 finalising the notices, forms and
timetable for the 2014
review of default superannuation fund terms in modern
awardsM.
Fair Work Australia: notices published
A
Notice inviting superannuation funds offering a standard MySuper
product to apply to the Commission to have the product listed on
the Default Superannuation List. Applications must be lodged
with the Commission by Monday, 28 April 2014.
A Notice inviting superannuation funds offering an employer MySuper product and employers to which an employer MySuper product relates to apply to the Commission to have the product included on the Schedule of Approved Employer MySuper Products. Applications must be lodged with the Commission by Monday, 28 April 2014.
Reminder: The Superannuation Legislation Amendment
(Reducing Illegal Early Release and Other Measures)
Bill
Provisions will be re-introduced enabling the ATO to impose
penalties on 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 01 July 2014.
More...
ASIC Class Order [CO 14/55]
ASIC – 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...
Legislation
Commonwealth
Acts
Notice of assent to legislation
The following Commonwealth bills received Royal Assent on 18 March
2014:
Tax and Superannuation Laws Amendment (2014 Measures No. 1) Act
2014
Tax and Superannuation Laws Amendment (2014 Measures No.
1) Act No 11 of 2014
An Act to amend the law relating to taxation and superannuation,
and for related purposes. Schedule 1—Unlawful payments from
regulated superannuation funds; Schedule 2—Administrative
directions and penalties for contraventions relating to
self-managed superannuation funds. Schedule 3—Phase-out of
rebate for medical expenses; Schedule 4—Deductible gift
recipients. Registered: 20 March 2014. Date of Assent: 18 March
2014. More...
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