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

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...

Cases

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...

Legislation

Commonwealth

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...

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