Australia: Superannuation, Funds Management and Financial Services - What's News - 28 July 2015

In the media

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.  More...

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.  More...

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.  More...

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 further.  More...

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 financing legislation.  More...

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.  More...

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 and resources.  More...

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...

Current consultations

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.

Cases

'GH' and ComSuper [2015] AICmr 49
Freedom of Information – Whether documents subject to legal professional privilege – (CTH) Freedom of Information Act 1982 s 42.  More...

Innes v Commonwealth [2015] 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...

Legislation

Commonwealth

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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