Australia: Superannuation & Funds Management?- What's News - 13 August 2014

In the media

Super fund tax management deemed inefficient
MEDIA – 07 August 2014 – Super funds should adopt a centralised approach to tax management since certain taxes cannot be effectively managed by individual managers within multi-manager structures, says Parametric. The research paper explains that while most large superannuation funds are now required by law to consider tax, many are still struggling to determine how best to do this. More...

Formation of financial services export body urged
MEDIA – 07 August 2014 – The Financial Services Council (FSC) has called for the Government to clear further barriers to Australian financial services exports, including the formation of a Government-backed coordination body. More...

Funds management to drive GDP growth
MEDIA – 07 August 2014 – The Financial Services Council will embark on a mission to increase Australia's investment management exports to Hong Kong levels, off the back of research from Deloitte forecasting a $4.2 billion GDP boost. More...

See FSC Chairman – Australia needs to develop a strong financial services export industry.
Report – The economic impact of increasing Australian funds management exports. More..

Regulator to investigate players wrongly recouping dispute costs from customers MEDIA – 05 August 2014 – Some financial service providers (FSPs) are wrongly attempting to recover dispute resolution costs from customers, the Financial Ombudsman Service has identified in the June quarter. More...

FOS backs "last resort" scheme
MEDIA – 05 August 2014 – The Financial Ombudsman Service has reiterated its support for a limited compensation scheme of last resort to deal with uncompensated consumer losses. In its latest circular, FOS welcomed the Financial System Inquiry interim report's focus on consumer trust and confidence in the financial system. More...

Submissions open for SuperStream pass through amendments
MEDIA – 04 August 2014 – The Federal Government has released an exposure draft proposing to amend the Superannuation Industry (Supervision) (SIS) Act to require default superannuation funds to process all default contributions. The amendments would mean that employers would automatically send both default and choice contributions to their default super fund. More...

ANZ helps customers bring home their Australian Super funds
ANZ – 05 August 2014 – ANZ New Zealand Investments is working with the trustee of ANZ Smart Choice Super, an Australian superannuation scheme, to help thousands of New Zealanders recover superannuation money currently held in Australia. The Australian Taxation Office (ATO) has calculated that about $NZ19 billion of superannuation funds in Australia are "lost". More...

Financial literacy vital for retirement: ASIC
FINSIA – 04 August 2014 – ASIC has launched a three year national financial literacy strategy noting it is particularly important when superannuation scheme outcomes aren't guaranteed. The new strategy is intended to improve Australians' financial literacy by providing a national framework for action for stakeholders across the government, business, community and education sectors. More...

New statistics reveal $14 billion in lost super
AUSTRALIAN TAXATION OFFICE – 01 August 2014 – New statistics released by the ATO reveal that more than $14 billion in lost super is waiting to be claimed. Assistant Commissioner says that of particular concern are the billions of dollars sitting in super accounts where funds have lost contact with the owner. There's over $6 billion of super sitting in accounts where funds have not been kept up-to-date with changes to personal details. By postcode: More.... Overview: More...

Dipping into super to buy a home threatens retirement income security
AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES – 01 August 2014 – The AIST has warned against the dangers of using superannuation to tackle the nation's housing affordability challenges, commenting on recent calls to allow first home buyers to access their superannuation as a housing deposit. More...

Superannuation can unlock the door for first home buyers
REAL ESTATE INSTITUTE OF AUSTRALIA – 01 August 2014 – The REIA says that access to superannuation by first home buyers will unlock the door to affordability, with survey after survey of first home buyers has found that an adequate deposit was the biggest barrier to purchasing a property. REIA believes that more should be done to assist first home buyers achieve that deposit. More...

2014 Superannuation benefits for senators and members elected before 2004
PARLIAMENT OF AUSTRALIA – 27 July 2014 – This research paper by Kai Swoboda, Economics Section and Cathy Madden, Politics and Public Administration Section provides a summary of Commonwealth parliamentary superannuation benefits in place prior to the 2004 general election. It provides explanation, hyperlinks and documents pertaining to the operation of the Parliamentary Contributory Superannuation Scheme (the PCSS). More...

ASIC Statement of Intent
ASIC – 08 August 2014 – ASIC has today published its Statement of Intent in response to the Australian Government's Statement of Expectations. The Statement of Intent responds to the Government on ASIC's high-level priorities and intentions around its role, responsibilities and relationship with government. More...

FOS Life Insurance Open Forum, Sydney
FINANCIAL OMBUDSMAN SERVICE – 27 August 2014 – This forum brings together those involved in the Life Insurance industry to discuss relevant FOS decisions and share insights about emerging issues. The agenda is open, so you will hear from FOS Ombudsmen and other subject matter experts on topics submitted by you. To register for our Sydney Forum, and record your submissions for agenda items click here before 17 August 2014.

The Circular: FOS Newsletter – Issue 18
FINANCIAL OMBUDSMAN SERVICE – August 2014 – "The FOS Approach to Responsible Lending", "FOS Forum Key Determinations" and "Fast, efficient, fair dispute resolution". More...


Financial Services Council Ltd v Industry Super Australia Pty Limited [2014] FCAFC 92
INDUSTRIAL LAW – Fair Work Commission – four yearly review of default fund terms – two members of Expert Panel disqualified due to conflicts of interest – Fair Work Act 2009 (Cth) ss 620(1A) and 622(3) – whether President entitled to appoint himself to Expert Panel – whether Expert Panel reconstituted in accordance with Act. More...



Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2014 (No. 4)
This instrument amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) to insert a new Chapter 70 to prescribe the renewal of remittance dealer registration requirements, and amends certain provisions in Chapters 8, 9, 27, 56, 58, 59, 60, 63 and 65. Registered 7 August 2014. More...

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