Australia: Superannuation & Funds Management - What's News - 28 January 2015

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...



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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