Australia: Superannuation, Funds Management and Financial Services - What's News - 11 August 2015

Last Updated: 17 August 2015
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

In the media

APRA Insight 2015
APRA – 7 August 2015 – APRA has released the publication Insight Issue 1 for 2015. In this issue: Superannuation industry overview, conflicts of interest thematic review and insurance in superannuation thematic review. More...

Default super engagement improves, says CIFR
MEDIA – 6 August 2015 – Australians are becoming more engaged with their super, with most investors choosing their fund provider or their investment option, says the Centre of International Finance and Regulation (CIFR). More...

MySuper fee savings can be doubled
MEDIA – 6 August 2015 – MySuper will result in total cost savings of $1.4 billion to the overall super system, but introducing some simple measures could double that amount, according to the Grattan Institute. More...

SuperRatings: Top super funds announced
SUPERRATINGS – 5 August 2015 – International shares and listed property brought home the bacon this year for superannuation funds, with strong performances from these two asset classes helping to offset a lacklustre year across other markets. More...

Opening speech to FSC Annual Conference
FSC – 5 August 2015 – FSC Chairman Greg Cooper, Opening Speech to FSC Annual Conference, Gold Coast Convention Centre. More...

ASFA concerned about board governance timeline
MEDIA – 4 August 2015 – The Association of Superannuation Funds of Australia (ASFA) is concerned about the timeframe for approving transition plans to have at least one-third independent directors on super fund boards. More...

Consultation Paper: "Facilitating crowd-sourced equity funding and reducing compliance costs"
GOVERNMENT – 4 August 2015 – The paper asks if there are unnecessary compliance costs and fundraising constraints under the Corporations Act for proprietary companies. The paper also considers areas of the Corporations Act which may be unnecessarily restricting the ability of small proprietary companies to raise capital to invest and grow. More...

Super reality check – busting the $1 million myth: AIST Policy Research Paper
AIST – 3 August 2015 – The AIST and VPR have considered the value of superannuation to members facing retirement with relatively low balances and aim to debunk the myth that $ 1 million is necessary for a dignified retirement and provide much-needed clarity about how even small amounts of super can make a big difference in retirement. More...

Consultation on proposed changes to superannuation reporting standards for the ABS
APRA – 31 July 2015 – The ABS and APRA are seeking industry views on proposed changes to Reporting Standard SRS 330.0 Statement of Financial Position (SRS 330.0) which are proposed for the statistical purposes of the ABS. More...

ASFA submissions
31 July 2015 – To APRA: Governance requirements for RSE licensees: proposed amendments. More...
27 July 2015 – To Treasury: Supplementary submission in response to the Tax Discussion Paper. More...

Financial planner warns new rules will not stop life insurance churn
MEDIA – 29 July 2015 – Fresh analysis shows the new "Life Insurance Framework" does not remove the incentive for financial planners to switch clients' life insurance to boost their commissions. More...

ASIC moves to recover costs of its investigations
ASIC – 29 July 2015 – ASIC will now use its power to recover expenses and costs of its investigations. ASIC's new approach and the factors it will consider before using its power has been detailed in Information Sheet 204 – "Recovery of investigation expenses and costs" (INFO 204), which has been released today. More...

Industry Super Australia welcomes Senate inquiry on women's super
INDUSTRY SUPER AUSTRALIA – 29 July 2015 – Industry Super Australia welcomes the call by the Greens for a Senate inquiry to the address the issues causing the substantial gap in women's superannuation savings and overall retirement income. The current 19% pay gap between women and men's wages is a large part of the problem and translates into a superannuation gap of 47%. More...

Tax inquiry can help ensure super delivers for women
AIST – 29 July 2015 – The Australian Institute of Superannuation Trustees (AIST) and Women in Super (WIS) today supported a Senate review of the retirement savings gap for women and urged the Government to prioritise the tax reform of superannuation as a significant step towards improving retirement outcomes for women. More...

ASIC: New digital disclosure measures to enhance consumer understanding
ASIC – 28 July 2015 – ASIC has released new guidance and waivers to further facilitate businesses providing disclosures through digital channels and to encourage innovative communication of information about financial products and services. ASIC's guidance and waivers are contained in Regulatory Guide 221 – "Facilitating digital financial services disclosure" (RG 221) and two new legislative instruments.

ISA submission to Treasury: "One size does not fit all"
INDUSTRY SUPER AUSTRALIA – 27 July 2015 - Industry Super Australia welcomes the opportunity to comment on the Superannuation Legislation Amendment (Governance) Bill 2015: Governance arrangements for APRA regulated superannuation funds. Industry super funds support strong and effective governance arrangements that promote a strong culture of ethical behaviour, accountability, risk management and transparency. More...

The super system is not broken but can be improved: ASFA
ASFA – 27 July 2015 – In its supplementary submission, as part of the tax reform consultative process, the Association of Superannuation Funds of Australia (ASFA) has concluded there is no urgency to make changes to the superannuation and retirement income system today as it is sustainable. More...

APRA Prudential Standard APS 330 Public Disclosure (APS 330)
APRA – 22 July 2015 – This rectifies an omission in the July 2015 version of APS 330. The revised version of APS 330 will take effect on from 1 August 2015. More...


Casaclang v WealthSure Pty Ltd [2015] FCA 761
CORPORATIONS – financial services and markets – holder of an Australian financial services licence ("licensee") – authorised representative of a licensee – where authorised representative alleged to have contravened provisions in Parts 7.7, 7.9 and 7.10 of Chapter 7 of the Corporations Act 2001 (Cth) – where authorised representative alleged to have caused loss and damage to clients in negligence and breach of contract – whether conduct of authorised representative related to a "financial product" – whether investment by clients was provision of a "credit facility" within the definition of regulation 7.1.06(1) of the Corporations Regulations 2001 (Cth) – whether licensee liable for conduct of authorised representative under Division 6 of Part 7.6 of the Corporations Act – whether licensee liable under s 769B of the Corporations Act for conduct of authorised representative having actual or apparent authority – whether licensee liable in negligence for conduct of former authorised representative after revocation of authorised status. More...



Australian Prudential Regulation Authority (confidentiality) determination No. 14 of 2015
This instrument determines information provided by locally-incorporated banks and foreign ADIs under Reporting Standard ARS 320.0. Registered 30 July 2015. More...

ASIC Corporations (Deposit Product Disclosure) Instrument 2015/683
This instrument provides exemptions from the requirements to disclose an interest rate in a Product Disclosure Statement for a deposit product and disclose a termination value in a periodic statement for a deposit product. Registered 27 July 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”

Related Video
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
Check to state you have read and
agree to our Terms and Conditions

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.

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 by clicking here .

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.


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.