Australia's corporate watchdog is likely to get a
big funding boost, but not from the government MEDIA – 24 July 2015 – Australia's
corporate watchdog, ASIC, is facing a review by the federal
government following a recommendation from the Murray Inquiry and
ASIC's failure to prevent the recent failures of governance and
resultant misconduct in the financial planning industry.
NAB flags $25m refund to 62,000 customers over Navigator
error MEDIA – 24 July 2015 – NAB is repaying 62,000
wealth customers a total of $25 million after internal errors meant
clients were not paid all the money they were owed. NAB
wealth chief executive Mr Hagger said NAB had reported this breach
to the ASIC after a "significant focus" on identifying
potential breaches of its financial services licence.
ASIC quizzes licensee on former institution
adviser MEDIA – 24 July 2015 – An independent dealer
group and its external compliance provider have been approached by
ASIC and quizzed on the activities of a newly appointed adviser who
recently joined the business from one of the banking institutions
that had come under fire for inappropriate advice practices.
Super fund governance change to cost $20 million MEDIA – 23 July 2015 – New rules for
superannuation boards will require the replacement of 40 chairmen
and 200 directors at a minimum cost of $20 million, but the lobby
group for bank-owned funds wants the law tightened even
AUSTRAC takes Federal Court action against three Tabcorp
companies AUSTRAC – 22 July 2015 – AUSTRAC has filed
papers in the Federal Court against three Tabcorp group companies
for extensive, significant and systemic non-compliance with
Australia's anti-money laundering and counter-terrorism
Draft AML/CTF Rules relating to account-based money
transfer system GOVERNMENT – 21 July 2015 – Draft AML/CTF
Rules have been published relating to the Western Union
account-based money transfer system.
Government pledges to back financial services
export MEDIA – 20 July 2015 – Exporting financial
services to the burgeoning Asian middle class will assure
Australia's future prosperity, argues Federal Treasurer Joe
Hockey. Australia's export in financial services,
tourism, health and education is as large a part of GDP as mining
Super – bad month, good year SUPERRATINGS – 17 July 2015 – Superannuation
funds finished the financial year up a strong 9.7%, despite the
last minute global share market slump. The share market sell
off was the main reason the median Balanced Option finished down
2.1% for the month of June. Although market volatility in
June prevented most funds from producing double-digit growth for
the year, the 9.7% return is still an impressive result. More...
Reforms to Superannuation Governance: Exposure
Draft GOVERNMENT – 26 Jun 2015 – Exposure draft
legislation to improve governance arrangements in superannuation
has been released for public consultation. Interested
stakeholders are invited to comment on the exposure draft
legislation and explanatory material, which along with details on
how to lodge a submission, is now available on the
Treasury website. Submissions close on 23 July 2015.
'GH' and ComSuper  AICmr 49 Freedom of Information – Whether documents subject
to legal professional privilege – (CTH) Freedom of
Information Act 1982 s 42. More...
Innes v Commonwealth
ACTCA 33 LIMITATION OF ACTIONS – Claim for damages for pure
economic loss allegedly caused by negligent misstatements about
employee's entitlement to join Commonwealth superannuation
scheme – whether statute-barred under Limitation Act
1985 (ACT) – when cause of action first accrued –
when loss ascertainable. More...
ASIC Corporations (Amendment) Instrument 2015/624 This instrument amends the ASIC Class Order [CO 08/1] to
extend the transitional period for compliance with the breach
reporting conditions. Registered 17 July 2015. More...
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