Australia: Superannuation, Funds Management and Financial Services - What's News - 4 November 2015

Last Updated: 9 November 2015
Article by Chris Lovell, Paul Faure and Adeline Hiew

Most Read Contributor in Australia, September 2017

In the media

New default super inquiry to spark consolidation
MEDIA – 30 October 2015 - The government's decision to refer competition within default super to the Productivity Commission has set the clock ticking for super funds, says Rice Warner – with more mergers the likely result.  More...

Westpac to refund premiums for unwanted insurance cover
ASIC – 29 October 2015 - Following an ASIC surveillance, Westpac will write to more than 10,600 insurance customers and will offer to refund any premiums paid for insurance cover they did not need in Mortgage Secure (MS) or Home Loan Protection (HLP). These products were sold as consumer credit insurance (CCI).  More...

NAB to invest $300m to boost advice
MEDIA – 29 October 2015 - National Australia Bank (NAB) has committed to devoting at least $300 million across its wealth businesses over the next four years to improve adviser and client experiences. Investment would be applied across the four key areas of superannuation, platforms, advice and asset management.  More...

ANZ's CTO blasts national federated digital identity plans
GOVERNMENT – 28 October 2015 - The debate over how digital identifiers for Australian will be issued and used by both government and private sector businesses, like banks and telecommunications providers, has intensified sharply after the Chief Technology Officer of the ANZ Bank, Drs Patrick Maes Bank issued a strong warning against mandating a federated identity model.  More...

Superannuation – Questions of Fairness and Opportunity
GOVERNMENT – 27 October 2015 - Next to their home, for most families, their superannuation savings are their single greatest asset.  How well their superannuation fund performs directly impacts on their retirement income.  More...

Admin tops SCT complaints again
MEDIA – 27 October 2015 - The Superannuation Complaints Tribunal received 1,739 complaints of which 91 per cent were resolved, according to its annual report. With 409 complaints, death distributions was the most complained about category made to the Superannuation Complaints Tribunal (SCT), according to its annual report.  More...

National Australia Bank sets up compensation program over dodgy advice
MEDIA – 22 October 2015 - National Australia Bank has bowed to regulatory and community pressure and set up a formal remediation program aimed at compensating clients who received poor financial advice from its representatives. According to the ASIC, affected NAB clients will have their files reviewed to determine if compensation should be paid.  More...

Govt warned on changes to lost super rules
MEDIA – 22 October 2015 - The Federal Government has been warned that changes to the rules around unclaimed superannuation money could have significant adverse and unintended consequences in an ASFA submission (22 October 2015).  More...

Government's Financial System Inquiry Report Response
GOVERNMENT – 20 October 2015 - The Government has released its response to the Murray Financial System Inquiry Report. The Government Response has accepted all but one of the Murray Financial system Inquiry's 31 recommendations. The Government does not agree with the Inquiry's recommendation to prohibit limited recourse borrowing arrangements by superannuation funds. The response sets out an agenda for action in the next year.  More...

AIST Submission: Unclaimed super changes (draft regulations)
AIST – 20 October 2015 - AIST welcomes the exclusion of members using electronic means to communicate with their fund from being lost members, and the capacity for ERFs to transfer balances to members' active accounts without their consent.  More...

In practice and courts

ASIC: Response to submissions on CP 235 Proposed amendments to ASIC market integrity rules for the Chi-X investment product market (REP 4)
ASIC – 29 October 2015 - Feedback on the industry consultation regulatory changes for market integrity rules.  More...

ASFA Submissions

23 October 2015 – Submission to APRA: Governance arrangements for RSE licensees – SPS 510, SPG 510, SPS 512 and SPG 512.

21 October 2015 – Submission to The Treasury: Superannuation Laws Amendment (unclaimed Superannuation Money) Regulation 2015.

14 October 2015 – Submission to the Senate Economics Legislation Committee: Governance legislation – Superannuation Legislation Amendment (Trustee Governance) Bill 2015.


ASIC Corporations (Derivative Transaction Reporting) Amendment Instrument 2015/0925
This instrument amends the ASIC Instrument [14/0633] to provide temporary transitional relief to extend the commencement date for phase 3B reporting to 4 December 2015.  More...

Bills Progress

Superannuation Legislation Amendment (Trustee Governance) Bill 2015
The Bill outlines amendments to the Superannuation Industry (Supervision) Act 1993, Chapter 2Regulation impact statement: Schedule 1: Governance arrangements for registrable superannuation entities and Chapter 3 Governance arrangements for the Board of the Commonwealth Superannuation Corporation. Report due 09/11/2015.  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.

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