Australia: Superannuation, funds management and financial services - What's News - 12 July 2016

Last Updated: 17 July 2016
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

In the media – National

Super clarity needed to help resolve deficit
MEDIA – 8 July 2016 – The federal government's lack of clarity on tax concessions for superannuation may be costly, particularly given the rising concerns over Australia's structural deficit, according to KPMG Australia. More...

AIST welcomes move to improve access to superannuation
AIST – 7 July 2016 – New guidance issued by AUSTRAC will make it easier for Aboriginal and Torres Strait Islander peoples to access the superannuation system, AIST said today. More...

FSC life insurance code of practice delayed
MEDIA – 7 July 2016 – The Financial Services Council's (FSC) new Life Insurance Code of Practice is facing delays from its original deadline of 1 July 2016, and will now commence in October. More...

FSC unleashes fresh assault on life insurance taxes
MEDIA – 4 July 2016 – The imposition of state taxes and levies on life insurance has worsened in the past seven years, according to an updated Financial Services Council (FSC) report. More...

ASIC cancels Queensland practice's AFSL
ASIC – 4 July 2016 – Regulators have cancelled Queensland advice practice Advamode Financial's Australian financial services (AFS) licence. The company was put into liquidation in May after a number of conditions were imposed on it last year, including the requirement to appoint a compliance expert to monitor advice. More...

ASIC cancels AFS licence for failing to lodge financial statements
ASIC – 1 July 2016 – ASIC cancelled Etern Wisdom's Australian financial services (AFS) licence on 6 June 2016. Etern Wisdom was authorised to provide general financial product advice in relation to derivatives and foreign exchange contracts to Australian retail clients. The annual lodgement of audited accounts is an important part of a licensee demonstrating it has adequate financial resources to provide the services covered by its licence. More...

APRA Insight Issue Two 2016
APRA – 30 June 2016 – This Issue includes:

  • International capital comparison update;
  • The Financial Claims Scheme for ADIs;
  • APRA's technical assistance activities in the Asia-Pacific region; and
  • Renovating the regulatory framework for life and general insurers in Australia. More...

SIC cancels licence of AFS wholesale service provider
ASIC – 29 June 2016 – ASIC has cancelled the Australian financial services (AFS) licence of Ergo Capital Pty Ltd (AFS licence No 420978) for failing to comply with a number of its obligations as a financial services licensee. More...

ASIC remakes key general advice class order
MEDIA – 27 June 2016 – Both the Financial Services Council (FSC) and the industry funds have backed ASIC's remaking of a class order underpinning the provision of general advice by bank and industry fund employees after receiving positive feedback from both the industry funds and the FSC. More...

Australia as a financial centre – 7 years on
FSC – 26 June 2016 – The Financial Services Council (FSC) welcomes the release of a new report by Mark Johnson AO identifying barriers to exporting Australia's financial services. Australia as a Financial Centre – Seven years on; The Second Johnson Report is a follow up to the 2009 report Australia as a Financial Centre – building on our strengths, known as the Johnson Report. More...

ASIC consultation: regulatory sandbox licensing exemption
ASIC – 8 June 2016 – ASIC has identified some barriers faced by new financial technology (fintech) businesses seeking to enter the financial services market. ASIC encourages members of the financial services and fintech industry and consumers to make a submission on the consultation paper. The closing date for submissions on CP 260 is 22 July 2016. More...


Idylic Solutions Pty Ltd as trustee for Super Save Superannuation Fund and Others [2016] NSWSC 907
CORPORATIONS – unregistered managed investment schemes – where liquidators of several unregistered managed investment schemes applied for various directions under s 601EE(2) of the Corporations Act 2001 (Cth) – where the managed investment schemes accepted investments from international business companies – where direction sought whether liquidators were justified in treating as the true investors the individuals who established the international business companies rather than the companies themselves – where directions sought whether liquidators were justified in proceeding on the basis of a pari passu distribution among investors in the relevant schemes in proportion to their unit holdings subject to investors first bringing into hotchpot any "returns" received – where liquidators also sought various other directions – whether the administrators of the schemes held investor funds on express or resulting trust for the scheme investors – whether the directions sought should be made.

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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