In the media – National

Opinion: Super changes sharpen its purpose
MEDIA – 27 May 2016 – The government is committed to ensuring Australia's superannuation system is sustainable, flexible and has integrity. The objective of super, as recommended by the Financial System Inquiry, is "to provide income in retirement to substitute or supplement the age pension". More...

APRA data highlights the need for greater scrutiny of for-profit culture in superannuation
ISA – 24 May 2016 – New APRA quarterly data released today on the performance of Australia's superannuation funds shows not-for-profit funds continue to outperform "for profit" retail and bank-owned competitors with 1.89% in average returns over the last 11 years. More...

APRA quarterly superannuation statistics, March 2016
APRA – 24 May 2016 – APRA has released quarterly superannuation statistics for March 2016. More...

ASFA submissions
ASFA – 20 May 2016 – Submissions to:

  • Productivity Commission – Superannuation Efficiency and Competitiveness
  • ASIC – CP 254 Regulating digital financial product advice

FPA submissions: ASIC CP 254: Regulating digital financial product advice
FPA – 18 May 2016 – The Financial Planning Association of Australia (FPA) has provided input to ASIC on the regulation of digital financial product advice. More...

Proposed Financial Institutions Supervisory Levies for 2016-17: Discussion Paper
GOVERNMENT – 6 May 2016 – This paper, prepared in conjunction with the Australian Prudential Regulation Authority (APRA), seeks submissions on the proposed financial institutions supervisory levies that will apply for the 2016-17 financial year. Submissions close on 3 June 2016. More...

Cases

Williams v IS Industry Fund Pty Ltd [2016] FCA 524
SUPERANNUATION – appeal from the Superannuation Complaints Tribunal under s 46 of the Superannuation (Resolution of Complaints) Act 1993 (Cth) limited to a question of law – consideration of definition of "interdependency relationship" in s 10A of the Superannuation Industry (Supervision) Act 1993 (Cth) and reg. 1.04AAAA of the Superannuation Industry (Supervision) Regulations 1994 (Cth) – whether the Tribunal was required to determine if the applicant and the deceased had an interdependency relationship immediately before the death of the deceased – whether the Tribunal was required to determine if the applicant and the deceased were living together immediately before the death of the deceased – whether if the Tribunal determined it was required to consider that was because the deceased suffered from a physical disability.

Burtaleea v AustralianSuper Pty Ltd [2016] FCA 521
SUPERANNUATION – whether "determination" made by the Superannuation Complaints Tribunal in treating a complaint as withdrawn – whether applicant could appeal to Federal Court of Australia – Tribunal's decision that complaint be treated as withdrawn not a "determination" under s 46 of the Superannuation (Resolution of Complaints) Act 1993 (Cth) – no right of appeal – appeal dismissed.

Legislation – Commonwealth

ASIC Corporations (Superannuation and Schemes: Underlying Investments) Instrument 2016/378
This instrument continues, with minor and technical changes, the relief given under ASIC Class Orders [CO 02/1161], [CO 02/1073] and [CO 02/1074] in relation to various Chapter 7 requirements that apply to underlying investments in a superannuation fund. It combines the three Class Orders into one instrument. Registered: 16 May 2016.

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