Australia: Superannuation & Funds Management - What's News - 13 January 2015

Last Updated: 15 January 2015
Article by Jenny Willcocks, Adeline Hiew and Anne MacNamara

Most Read Contributor in Australia, September 2016

In the media

FOFA amendments will lead to poor agribusiness advice
MEDIA – 9 January 2015 – Potential miss-selling and poor advice are likely to once again occur in the forestry managed investment scheme (FMIS) sector if amendments to the Future of Financial Advice (FOFA) legislation are allowed to proceed, according to Industry Super Australia (ISA). More...

Fund heads say MySuper implementation expensive, dysfunctional
MEDIA – 8 January 2015 – A large portion of fund executives found the implementation of MySuper "costly, difficult and disruptive", according to a report by the Centre for International Finance and Regulation. More... More...

AIST welcomes increased eCommerce in super
AIST – 8 January 2015 – AIST has welcomed a joint announcement from the Honourable Bruce Billson MP and the Honourable Josh Frydenberg MP that will see an increase in the use of eCommerce in tax and superannuation reporting. More...

SCT clarifies jurisdiction
MEDIA – 8 January 2015 – The Superannuation Complaints Tribunal (SCT) has sought to clarify the matters it is empowered to deal with via the publication of a brochure. More...

Merger sees cancellation of fund licence
MEDIA – 7 January 2015 – The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence of Coal Industry Superannuation Fund (CISF) after its merger with AUSCOAL Super last year. More...

ASIC sheds light on vertical integration probe
MEDIA – 7 January 2015 – The Investment Managers and Superannuation team will be assessing conflicts of interest in these businesses and "how those conflicts are managed", while the Financial Advice team will be examining cases of breach reporting, financial product "mis-selling" and quality of advice provided within these organisations. More...

ASIC consults on disclosure consistency
MEDIA – 6 January 2015 – ASIC calls for consistency when comparing information about super products, particularly around the treatment of investment goals and return targets, and asset allocation information. More...

Super funds post 7.5% growth in 2014
MEDIA – 5 January 2014 – Superannuation funds posted a typical return of around 7.5% in 2014, down from 16.3% in 2013. The report observed that median 10 year returns of 6.3% per annum are in line with general super industry aims of returning inflation plus 3.5 percentage points. More...

Updated FOS Operational Guidelines
FOS – 29 December 2014 – FOS's Operational Guidelines have been updated in line with our Terms of Reference effective 1 January 2015. More...

Revised version of SuperStream Benchmarking Measures and accompanying letter
APRA – 22 December 2014 – APRA has released a revised version of SRS 711.0 SuperStream Benchmarking Measures and an accompanying letter. See Final reporting standards, forms and instructions. More...

FPA welcomes PJC Inquiry report to raise adviser education and professional standards
FPA – 19 December 2014 – The Financial Planning Association of Australia (FPA) has announced its support of the Parliamentary Joint Committee (PJC) Inquiry report, released today, which aims to raise adviser education and professional standards. More...

More evidence of industry fund outperformance
ISA – 19 December 2014 – Commission-free industry super funds again outperformed bank-owned super funds and other retail super funds over the 1, 3, 5, 7 and 10 year time periods, according to monthly data from SuperRatings, based on balanced fund median rolling returns. More...

ASIC consults on disclosure and APRA reporting requirements for superannuation trustees
ASIC – 19 December 2014 – The ASIC has released Consultation Paper 227 Disclosure and reporting requirements for superannuation trustees (CP 227) aimed at improving the comparability of information about superannuation products for consumers. More...

Government committed to implementing the Investment Manager Regime
MINISTER FOR FINANCE – 18 December 2014 – The Government is committed to implementing a practical Investment Manager Regime with the release of updated exposure draft legislation in early 2015. The purpose of Element 3 of the Investment Manager Regime is to provide tax certainty to foreign investors investing in Australia. More...

Super fund returns modest in 2014
MEDIA – 18 December 2014 – Superannuation funds are expected to have delivered moderate results this year, compared to the much higher returns of 17.2% in 2013 and 12.8% in 2012, according to Chant West. Following a 0.8% gain in November, the median growth fund had notched up a total return of 7.1% for the first 11 months of the year. More...

2014 AML/CTF compliance reports
AUSTRAC – 18 December 2014 – Reporting entities with obligations under the AML/CTF Act are required to submit a compliance report between 2 January 2015 and 31 March 2015, if you are a reporting entity who offered designated services during any part of the reporting period of 1 January 2014 to 31 December 2014. More...

Murray Report: Consultation process
GOVERNMENT – 7 December 2014 – The Government is consulting on the Inquiry's recommendations before making any decisions, and is calling for written submissions from all stakeholders. The deadline for submissions is 31 March 2015. More...

MySuper: A stage in an evolutionary process

CENTRE FOR INTERNATIONAL FINANCE AND REGULATION – December 2014 – The report interviewed super fund executives and found they were vocal about their displeasure on the costs of MySuper, and labelled it dysfunctional. More...

Inquiry into proposals to lift professional, ethical and education standards in financial services
HOUSE OF REPRESENTATIVES – December 2014 – Parliamentary Joint Committee on Corporations and Financial Services Inquiry into proposals to lift the professional, ethical and education standards in the financial services industry Report. More...

ASIC: Papers currently open for public comment

CP 277 Disclosure and reporting requirements for superannuation trustees: s29QC
Released 19 December 2014. Comments close 13 March 2015. More...

CP 224 Facilitating electronic financial services disclosures
Released 14 November 2014. Comments close 16 January 2015. More... More... More...

CIO: Increase of monetary compensation limit
The monetary compensation limit (MCL) applying to each claim for complaints received from 1 January 2015 will be $309,000. For disputes lodged with the Financial Ombudsman Service (FOS) on or after 1 January 2015 the compensation cap is also $309,000. The CIO is approved by ASIC under Regulatory Guide 139. More...

The Conference of Major Super Funds (CMSF) 2015
CMSF 2015 will be held from 18 – 20 March 2015 at the Gold Coast Convention and Exhibition Centre, Gold Coast, QLD. Full program coming soon, check out the confirmed speakers and current program highlights.



Legislative Instruments

ASIC Class Order [CO 14-1270]
F2015L00018 CO 14/1270 as made 7 January 2015 – This class order amends the ASIC Class Order [CO 04/194], ASIC Class Order [CO 13/1410] and ASIC Class Order [CO 13/763] to include interests in a managed investment scheme. More...

Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment
23 December 2014 357R1007 – This instrument amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) to insert a new Chapter 11. More...

Anti-Money Laundering and Counter-Terrorism Financing Rules Amendment Instrument 2014 (No. 6)
23 December 2014 357R1008 – This instrument amends the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) to insert a new Chapter 71. More...


Tax and Superannuation Laws Amendment (2014 Measures No. 6) Act 2014
C2014A00133 Act No. 133 of 2014 as made 17 December 2014. More...

Commonwealth Legislation commencing 1 January 2015

Corporations Amendment (Statements of Advice) Regulation 2014 (No. 134 of 2014)
This regulation amends the Corporations Regulations 2001 to make a number of amendments to the financial disclosure requirements. This regulation commenced on 1 January 2015. More...

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Mondaq Advice Centre (MACs)
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.