Australia: Superannuation, Funds Management and Financial Services - What's News - 22 September 2015

In the media

Industry reacts to super governance bill
MEDIA – 18 September 2015 – Assistant Treasurer Josh Frydenberg has introduced the Superannuation Legislation Amendment to Parliament, sparking mixed reactions from the industry. More...

Super funds continue FY16 shaky start
MEDIA – 17 September 2015 – Superannuation funds had one of the toughest months since the global financial crisis (GFC), according to SuperRatings. The research house found super funds with the median balanced option fell 2.9% in August thanks to volatile investment markets. More...

Industry funds lobby to block governance changes
MEDIA – 17 September 2015 – Industry Super Australia (ISA) has signaled it will be strongly lobbying parliamentarians to block the Government's legislation changing governance arrangements for superannuation funds including one-third independent directors and an independent chairman. More...

ASFA says super sector can self-regulate
MEDIA – 17 September 2015 – The superannuation industry had the opportunity to measure its own performance and reduce regulatory costs independently of the regulator by taking on greater responsibilities, the Association of Superannuation Funds. More...

'We have not been helpful' on fee disclosure: ASFA
MEDIA – 17 September 2015 – The super industry only has itself to blame for the incoherent and ineffective draft regulatory guide on fee disclosure that is doing the rounds, says ASFA chief. More...

FOS addresses Independent Review recommendations
FINANCIAL OMBUDSMAN SERVICE – 17 September 2015 – The Board of the Financial Ombudsman Service Australia (FOS) today released a final status report showing it has implemented all the key recommendations from its independent review conducted in 2013. More...

ChAFTA must pass Parliament during October sittings
FINANCIAL SERVICES COUNCIL – 17 September 2015 – The Financial Services Council (FSC) has set a deadline for the Parliament to show bipartisan support for the China-Australian Free Trade Agreement legislation by passing it during the October sittings. More...

Unnecessary changes to not-for-profit super funds puts retirement savings of 5 million Australians at risk
INDUSTRY SUPER AUSTRALIA – 16 September 2015 – Industry Super Australia (ISA) today urged the Parliament to focus on getting superannuation to deliver more to members and to investment opportunities that can drive economic growth. The highest priority for superannuation right now are reforms to rebalance tax concessions. More...

Consumers will have more protections under new super legislation
FINANCIAL SERVICES COUNCIL – 16 September 2015 – The Financial Services Council (FSC) welcomes the Superannuation Legislation Amendment (Trustee Governance) Bill 2015 which was introduced to Parliament today. The Bill is part of a package of reforms designed to increase competition and raise standards of Governance across the entire superannuation industry. More...

Passage of the Asian Infrastructure Investment Bank Bill 2015
GOVERNMENT – 16 September 2015 – Legislation has been passed that enables Australia to become a founding member of the Asian Infrastructure Investment Bank (AIIB). Australia will now have a pivotal leadership role at the AIIB, working with other founding members including China, India, Korea, the United Kingdom, Germany and France. The AIIB is expected to become operational before the end of 2015. More...

ASIC seeks improved compliance by responsible entities and superannuation trustee
ASIC – 15 September 2015 – ASIC has today provided an overview of some compliance issues identified during its proactive surveillance of responsible entities and superannuation trustees that are also holders of an Australian financial services (AFS) licence. More...

Asia Region Funds Passport provides opportunities for Australia's financial services sector
GOVERNMENT – 11 September 2015 – Finance Ministers from Australia, Japan, Korea, New Zealand, the Philippines and Thailand have signed the Passport Statement of Understanding which signals the commitment of these economies to join the Asia Region Funds Passport (ARFP) ahead of its commencement in 2016. More...

Collaboration vital to devise super strategy
MEDIA – 11 September 2015 – Key public and private sector stakeholders faced mounting pressure to develop more robust and clearer long-term superannuation and retirement distribution strategies as reforms. More...

Protecting Australians against financial crime
GOVERNMENT – 9 September 2015 – The Abbott Government has been urged to boost protections against financial scams and exploitation after the Parliamentary Joint Committee on Law Enforcement tabled its inquiry report into financial related crime. The report makes 14 recommendations on issues ranging from internet scams, identity fraud, and money laundering and counterfeiting. More... More...

ASIC reviews transparency information on super websites
ASIC – 7 September 2015 – ASIC has recently surveyed superannuation websites to check industry compliance with the new executive officer remuneration and systemic transparency disclosure requirements introduced as part of the Stronger Super reforms. More...

Superannuation Guarantee (Administration) Act 1992 (SGAA): consultation
GOVERNMENT – September 2015 – As a part of announced changes, the SG charge will be simplified by aligning the earnings base for calculating the SG charge (currently total salary and wages) with the earnings base for calculating SG contributions (ordinary time earnings). Comments from interested parties on the proposed legislation and the accompanying explanatory memorandum to implement this announcement may be lodged electronically by 18 September 2015.

Legislation

Commonwealth

Acts

Australian Defence Force Superannuation Act No. 119 of 2015
An Act relating to the Australian Defence Force Superannuation Scheme, and for related purposes. Registered: 15 September 2015. Date of Assent: 10 September 2015. More...

Bills

Superannuation Legislation Amendment (Trustee Governance) Bill 2015
The Bill outlines amendments to the Superannuation Industry (Supervision) Act 1993, Chapter 2 Regulation impact statement: Schedule 1: Governance arrangements for registrable superannuation entities and Chapter 3 Governance arrangements for the Board of the Commonwealth Superannuation Corporation. Introduced and read a first time: 16 September 2015. Second reading moved: 16 September 2015. More...

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