In the media
David Murray gives first insight into FSI
MEDIA – 02 May 2014 – The Financial System Inquiry
(FSI) chairman David Murray said that the committee will focus on
ageing, technology and innovation as drivers of change and at how
these affect regulation, competition and consumer outcomes. Murray
said that the committee was working towards issuing an interim
report in July. More...
IOSCO recommends improved disclosure for direct
products
MEDIA – 02 May 2014 – The growth of directly
distributed financial products has pushed a Joint Forum of the
International Organisation of Securities Organisations (IOSCO) to
call for improved global regulation and disclosure standards for
products sold this way. More...
Murray to lift lid on "unhealthy"
competition
MEDIA – 02 May 2014 – The Financial System Inquiry
(FSI) will look at concentrations of competition within financial
supply lines that "may not be healthy and may influence
behaviour in a certain way", says the inquiry's chair
David Murray. ,a
href="http://www.investordaily.com.au/35434-murray-to-lift-lid-on-competition">More...
FSC rejects super "cross-sell"
claims
MEDIA – 01 May 2014 – The Financial Services Council
(FSC) has hit back at claims by Industry Super Australia (ISA) that
bank-owned super funds can incentivise employers to cross sell
products. The FSC, which yesterday announced it was still
proceeding with legal action against the Fair Work Commission (FWC)
in regards to the creation of the default fund Expert Panel, said
the ISA claims are "wrong in law".
More...
ASFA's response to the Commission of Audit
report
ASFA – 01 May 2014 – The Association of Superannuation
Funds of Australia (ASFA) says it is important to take a long-term
view when it comes to the recommendations made by the National
Commission of Audit, particularly those that consider changes to
the structure
and design of Australia's retirement incomes systems. More...
Fees are just one part of the equation when it comes to
making super decisions
ASFA – 28 April 2014 – In the wake of debate regarding
superannuation fund fees, ASFA is inviting individuals to spend
time checking the features and fees of their superannuation account
to make sure they are in an option that suits their needs, and will
deliver the best outcomes for their retirement.
More...
AIST announces new president
MEDIA – 28 April 2014 - The Australian Institute of
Superannuation Trustees (AIST) has today announced the appointment
of Angela Emslie as its new President.
More...
FWC denies hearing on validity of the Expert
Panel
MEDIA – 28 April 2014 – The Financial Services Council
is considering its position to launch legal action against the Fair
Work Commission on the validity of its Expert Panel. FWC President,
Iain Ross, issued a statement today, which denied the FSC's
request for a hearing on the validity of the Expert Panel for
default superannuation.
More...
Bank owned super "free for all" would hurt
retirement balances
ISA – 28 April 2014 – A new report released today by
the Grattan Institute revealing excessive costs in sections of
Australia's super system highlights the risk of abandoning
merit based selection of default funds as suggested by the bank
owned super funds in recent weeks.
More...
Time to save Australians from the $10 billion super
sting
GRATTAN INSTITUTE – 27 April 2014 – Australians are
paying up to three times more than they should for superannuation,
according to a new Grattan Institute report. The report finds that
Australians on average pay fees of 1.2% on their superannuation
account balances, more than three times the median OECD rate.
More...
Industry funds back FWC against
"banks"
MEDIA – 24 April 2014 – Industry Super Australia (ISA)
has backed the default fund selection processes of the Fair Work
Commission (FWC), with its chief executive, David Whiteley, urging
the major banks to rule out embarking on legal action which would
prevent the commission fulfilling its task.
More...
AustralianSuper consortium picks up QLD motorways for
$7bn
MEDIA – 24 April 2014 – AustralianSuper, as part of a
consortium led by toll road owner Transurban, is set to pay $7
billion to buy a string of Brisbane motorways from the Queensland
government. The consortium signed an agreement to buy Queensland
Motorways, which owns a 70km network of tolled roads. More...
MySuper default fund dispute gathers pace
MEDIA – 24 April 2014 – Industry Super Australia has
called on the "major banks" to rule out legal action, as
the FSC seeks an "urgent hearing" to challenge the Fair
Work Commission's (FWC's) default fund expert panel.
More...
Care and measured debate needed in adjusting pension age
and changing preservation age
SPAA – 22 April 2014 – The SPAA says the Australian
public will be best served if there is a measured debate about the
suggestion to increase the pension age to 70. The flow on effect of
any change must consider the impact on other social security
benefits and the age at which superannuation can be accessed.
More...
Default fund quality filter needed to protect the
integrity of super
ISA – 22 April 2014 – Industry Super Australia (ISA)
has expressed deep concern at risks associated with the banks'
proposal to remove the superannuation default fund quality filter,
administered by the Fair Work Commission
Default fund quality filter needed to protect the integrity of
super
Super tax breaks the "Hindenburg" of the
federal budget
MEDIA – 22 April 2014 – A new report released today by
The Australia Institute outlines how the age pension could be
strengthened by tackling overly generous and unfair superannuation
tax concessions. Sustaining us all in retirement: The case for a
universal age pension shows super tax concessions will soon cost
more than the age pension.
More...
Super sting: how to stop Australians paying too much for
superannuation
GRATTAN INSTITUTE – 27 April 2014 – Australians are
paying up to three times more than they should for superannuation,
argues this report.
More...
Reminder: Treasury Issues Paper: Competition Policy
Review
The Panel will inquire into and advise on appropriate changes to
legislation and institutional arrangements so competition is based
on merit and whether the current laws, policies and the structure
of regulators are operating effectively and are fit for
purpose.
Submissions close on 10 June 2014. See details on the Competition
Policy Review website
More...
Cases
Gomes v United Super Pty Ltd [2014] FCA
392
ADMINISTRATIVE LAW – s46 of the Superannuation (Resolution
of Complaints) Act 1993 (Cth) – appeal on a question of law
– appeal founded solely on contested fact – appeal
dismissed – Superannuation (Resolution of Complaints) Act
1993 (Cth), s46. More...
Mourched and Commissioner of Taxation [2014] AATA
223
SUPERANNUATION – Application for waiver of disqualified
status – Whether exceptional circumstances for delay in
filing application – Applicant previously found guilty of
publishing a false statement for a financial advantage –
Applicant disqualified person under the
Act – No evidence of exceptional circumstances - Decision
under review affirmed.
Crimes Act 1900 (NSW); Superannuation Industry (Supervision) Act 1993 (Cth). More...
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