Australia: Superannuation & Funds Management - What's News - 10 February 2015

Last Updated: 13 February 2015
Article by Jenny Willcocks, Adeline Hiew and Anne MacNamara

Most Read Contributor in Australia, December 2017


FOS blames PI for increasing unpaid compo
MEDIA – 6 February 2015 – The Financial Ombudsman Service (FOS) has again pointed to the inadequacy of professional indemnity insurance, as unpaid compensation from its rulings approaches $15 million. More...

Superannuation fees not so super
ATO – 5 February 2015 – The Australian Taxation Office (ATO) has warned employees with multiple superannuation accounts that they could be paying thousands of dollars in unnecessary fees every year. According to new figures released by the ATO, 45% of working Australians have more than one super account. More... More...

Competitive super system better off with consumer protection
ISA – 5 February 2015 – Complexity, choice overload, low levels of financial literacy, lack of planning, procrastination and high search costs, among other behavioural factors, are influencing Australians' approach to their superannuation savings, says Industry Super Australia. More...

Rash consumer behaviour demands super safety net
MEDIA – 5 February 2015 – Industry Super Australia (ISA) is urging bank-owned super funds to realise that three independent reviews ordered by two governments have concurred that the default fund super safety net is a must. More...

Which financial planning organisations will survive?
MEDIA – 5 February 2015 – Some financial planning bodies will struggle to survive in the financial planning regime evolving out of the recommendations of the Parliamentary Joint Committee entailing the adviser register and the requirement for planners to be members of an appropriate professional association. More...

Future Fund smashes its performance target in 2014
MEDIA – 5 February 2015 – According to the Future Fund's latest portfolio update, the Australian de facto sovereign wealth fund earned 13.2% for the 12 months to end December compared to the 8.3% delivered by the SelectingSuper Workplace default super fund index. More...

ASIC to face legal action over Storm Financial
MEDIA – 5 February 2015 – ASIC is facing a class action for its alleged delay in taking action against Storm Financial and for allegedly acting to protect the interests of major banks, particularly the Commonwealth Bank, rather than customers. More...

Consumers need super default safety net
MEDIA – 5 February 2015 – Consumers need the protection of a default superannuation fund safety net despite calls for deregulation to increase competition, according to Industry Super Australia (ISA). More...

Blow-out warning on super tax concessions
MEDIA – 4 February 2015 – The Federal Government has been warned that the cost of its concessional tax treatment of superannuation is likely to blow out significantly from $13.4 billion in the current financial year to $25.8 billion in 2017-18. More...

Over $12.5m in claims unpaid, says FOS
MEDIA – 2 February 2015 – 30% of determinations made against wealth management firms since 2010 remain unpaid, the Financial Ombudsman Service has revealed. 26 financial service providers have been "unwilling or unable" to comply with 120 FOS determinations made in favour of consumers between 1 January 2010 and 31 December 2014. More...

FOS reduces backlog but unpaid determinations climb
MEDIA – 2 February 2015 – The Financial Ombudsman Service has reduced its backlog of cases but has struggled to reduce the number of unpaid determinations with that number climbing for the third reporting period in a row to a record high. More...

Government mulls giving ASIC power to change financial planning products
MEDIA – 2 February 2015 – The New Assistant Treasurer wants to restore confidence in the scandal-ridden financial advice industry, lift the number of Australians seeking financial advice and launch a public financial adviser register by March, and is considering a controversial proposal to give product intervention powers to ASIC. More...

ASIC flexes muscles against fraud in financial services
MEDIA – 2 February 2015 – The amount of white collar crime committed in financial services almost doubled in the second half of 2014, according to ASIC's latest six-monthly enforcement report. ASIC took enforcement action against 48 cases of white collar crime related to financial services. More...

ASIC enforcement report – July to December 2014 released
ASIC – 30 January 2015 – ASIC achieved 345 enforcement outcomes. This included criminal as well as civil and administrative (e.g. banning or disqualification) actions, and negotiated outcomes, including enforceable undertakings. More...

Accountants "feeding ground" for financial advice
MEDIA – 29 January 2015 – Accounting graduates may prove the "feeding ground" for the evolving financial advice space, according to the head of the Association of Financial Advisers (AFA). More...

ASIC reports on decisions to cut red tape – June to September 2014
ASIC – 28 January 2015 – ASIC has released its latest report outlining decisions on relief applications covering the period 1 June to 30 September 2014, approving 474 relief applications. More...

ABS Consultation with Industry on Superannuation Date Collection by APRA
GOVERNMENT – 27 January 2015 – The purpose of this ABS information paper is to provide information on the industry consultation process for new superannuation data reporting standards for registrable superannuation entity (RSE) licensees in relation to data collected by the Australian Prudential Regulation Authority (APRA) for use by the ABS. More...

Superannuation data collection for the Australian Bureau of Statistics
APRA – 27 January 2015 –

Letter to RSE licensees on proposed data collection for the Australian Bureau of Statistics

Draft Reporting Standard SRS 720.0 ABS Statement of Financial Position

Draft Reporting Standard SRS 721.0 ABS Securities Subject to Repurchase and Resale and Stock Lending and Borrowing

Draft Reporting Standard SRS 722.0 ABS Derivatives Schedule

Draft Reporting Standard SRS 730.0 ABS Income and Expenditure. More...

ASIC demands more data access
MEDIA – 25 January 2015 – ASIC has called on the government to expand the controversial data retention scheme to the corporate regulator, warning that without access to troves of customer metadata it will not be able to track down insider traders and white-collar criminals. More...

[Draft] Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015: Instalment Warrants
Amends Income Tax (Transitional Provisions) Act 1997 and Income Tax Assessment Act 1997
The exposure draft legislation amends the income tax law to provide look-through treatment for instalment warrants and instalment receipts. Accompanying this draft is an explanatory memorandum explaining the operation of the proposed law. 19 January 2015 – Opened for submissions / 13 February 2015 – Submissions close. More... 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...

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”

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
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 you may opt out by clicking here

    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.

    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.


    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .


    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.

    By clicking Register you state you have read and agree to our Terms and Conditions