In the media
"Digital by default" urged for financial
services
MEDIA – 22 January 2015 – ASFA has used a response to
the Australian Securities and Investments Commission's
(ASIC's) current consultation on facilitating
electronic financial services disclosures to argue point to the
Australian Taxation Office's "digital by default"
approach as the way forward.
More...
Growing numbers of "super rich" will need
generalist advice
MEDIA – 22 January 2015 – Australia's growing
number of ultra-high net worth individuals
(UHNWI's) will require financial advisors with
generalist – not just investment – knowledge, a new
report reveals.
More...
Government change SG Charge regime
MEDIA – 22 January 2015 – The Federal Government has
confirmed it will move next year to make the penalties imposed on
employers for the late or short payment of the superannuation
guarantee more reflective of the level of their breach.
More...
RSE's should tighten fraud risk
controls
ASFA – 22 January 2015 – The Association of
Superannuation Funds of Australia (ASFA) is urging
registrable superannuation entities (RSE) to
undertake greater scrutiny when selecting outsourced service
providers to avoid fraud risk.
More...
ATO retrieves $8 million in unpaid super
MEDIA – 20 January 2015 – The Australian Taxation
Office (ATO) is cracking down on companies that
are failing to pay their workers their superannuation entitlements,
after it was given new powers to kerb "phoenix
behaviour".
More...
Lack of financial literacy concerns older
women
MEDIA – 20 January 2015 – A lack of knowledge and
communication in relation to their personal financial situation is
creating concern among women approaching retirement, a personal
wealth management specialist has said.
More...
Industry super fund outperformance reinforces undivided
loyalty model
ISA –20 January 2015 – 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 Super Ratings, based on balanced fund median
rolling returns to 30 December 2014.
More...
New analysis shows need for competition in super to
protect consumers
FINANCIAL SERVICES COUNCIL – 19 January 2015 – New
research by the FSC demonstrates that modern awards suppress
competition in the superannuation system to the detriment of
consumers. A comprehensive analysis of the modern award system,
which covers more than two million Australians, shows that
industry, government and corporate superannuation funds, count for
95% of all the 500+ MySuper listings in the 122 modern awards.
More...
Abbott government gives green light for big bank super
grab
AUSTRALIAN COUNCIL OF TRADE UNIONS – 19 January 2015 –
Assistant Treasurer Josh Frydenberg's first public comment on
superannuation attacks the one area of the finance industry that
actually puts the interests of millions of Australians ahead of the
big banks. ACTU Assistant Secretary Tim Lyons said the current
system of default super funds ensures that workers get the best
returns on their retirement savings.
More...
Choice is key to a better superannuation
system
AUSTRALIAN CHAMBER OF COMMERCE & INDUSTRY – 19 January
2015 – The AACCI has welcomed recent calls by Assistant
Treasurer for a more open and competitive superannuation system
with greater choice for employers and employees. This includes
reconsidering whether individual employees should be able to
exercise choice of funds.
More...
Draft guidance note – Key terms used in
"politically exposed person" definition
GOVERNMENT – 19 January 2015 – A draft guidance note,
on the key terms used in the "politically exposed person"
(PEP) definition in the AML/CTF Rules, has been
released for public consultation. The purpose of this guidance note
is to assist reporting entities in understanding key terms used in
the PEP definition in Chapter 1 of the AML/CTF Rules (relating to
key terms and definitions). Public consultation closes on 13
February 2015.
More...
APRA releases final reporting requirements for
superannuation – select investment options
APRA – 16 January 2015 – APRA has released a response
to submissions and final versions of four reporting standards,
reporting forms and instructions for APRA-regulated superannuation
funds. APRA's new requirements relate to reporting information
about certain non-MySuper investment options, known as "select
investment options". More...
The year for raised adviser education and professional
standards
FPA – 15 January 2015 – While 2014 was arguably a year
of regulation and reform in financial planning, the Financial
Planning Association of Australia (FPA) has coined
2015 as the year for higher education and professional standards.
More...
ASIC must connect with industry it
regulates
MEDIA – 15 January 2015 – The Australian Securities
and Investments Commission (ASIC) must forge a
tighter relationship with the industry it regulates if it is to
improve effectiveness of its regulation, according to CPA Australia
and Chartered Accountants Australia New Zealand.
More...
ASFA unveils new standard for older
retirees
MEDIA – 15 January 2015 – The Association of
Superannuation Funds of Australia (ASFA) has
provided a clearer picture of the spending magnitude and behaviour
of Australians aged 90 to 95 with the release of its Retirement
Standard for Older Retirees.
More...
MySuper puts fund members first
FINSIA – 13 January 2015 – New research has revealed
that Australian superannuation fund executives have developed a
renewed focus on member interests since MySuper came into effect.
The research paper, MySuper: A Stage in an Evolutionary
Process, which was conducted by the Centre for International
Finance and Regulation (CIFR), interviewed 28
executives from 20 super fund providers with default offerings.
More...
Social security changes a mixed bag for young disability
support pensioners, seniors, students and travellers
MEDIA – 1 January 2015 – The new year brings changes
that limit access to the Seniors Health Care Card, with tax-free
superannuation income will be considered in the means test for the
first time. Having the card gives self-funded retirees cheaper
medicines and other concessions on health, travel and education
expenses.
More...
CP 227 Disclosure and reporting requirements for
superannuation trustees: s29QC
Released 19 December 2014. Comments close 13 March 2015.
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...
Legislation
Commonwealth
Legislative Instruments
Anti-Money Laundering and Counter-Terrorism Financing
Rules Amendment Instrument 2015 (No. 1)
GOVERNMENT – 22 January 2015 – This instrument amends
the Anti-Money Laundering and Counter-Terrorism Financing Rules
Instrument 2007 (No. 1) to vary chapters 4, 63 and 65. More...
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