Australia: Superannuation, Funds Management and Financial Services - What's News - 27 July 2016

Last Updated: 31 July 2016
Article by Chris Lovell, Adeline Hiew and Paul Faure

Most Read Contributor in Australia, September 2017

In the media – National

Superannuation changes: Turnbull ponders next step amid backbench threats
MEDIA – 22 July 2016 – PM says he is looking at altering 'implementation aspects' of his proposal to introduce a lifetime cap, has acknowledged "some transitional issues" around the backdated $500,000 lifetime non-concessional cap on superannuation balances, but insists the substance of the policy will remain. More...

PS retirees call for super action
PS MEDIA – 22 July 2016 – The association representing retired members of the Australian Public Service (APS) has called on the re-elected Federal Government to launch a wide-ranging review into superannuation. More...

Independent body will make new standards simpler: FPA
MEDIA – 22 July 2016 – The establishment of an independent standards body will make the professional standards transition clearer and easier to comply with, according the Financial Planning Association (FPA) chief executive Dante De Gori. More...

Regulator issues new risk management guidance
MEDIA – 22 July 2016 – Responsible entities of managed funds are receiving further guidance around risk management as ASIC aims to ensure adaptability in changing market conditions. The proposed guidance does not impose new obligations on responsible entities but gives more detailed guidance on how they may comply with current obligations. More...

ASIC consults on proposed guidance on risk management
ASIC – 21 July 2016 – ASIC today released a consultation paper and proposed regulatory guidance on risk management practices for responsible entities in the managed funds sector. More...

ASIC consults on 'sunsetting' class order about nominee and custody services and proposed changes to platforms policy
ASIC – 21 July 2016 – ASIC today released a consultation paper proposing to remake its class order on nominee and custody services, which is currently due to expire ('sunset') on 1 April 2017, and proposed changes to platforms policy. ASIC proposes to remake the class order with changes. More...

Council of Financial Regulators report on the implications of Brexit
TREASURY – 21 July 2016 – The Treasurer today released the Council of Financial Regulators (CFR) report of 7 July to the Government on the economic implications of the United Kingdom's (UK) vote on 23 June 2016 in favour of exiting the European Union (EU). More...

CP 264 Remaking ASIC class order on nominee and custody services and proposed changes to platforms policy
ASIC – 21 July 2016 – This consultation paper sets out ASIC's proposal to remake, with changes, Class Order [CO 02/295] Nominee and custody services, which is due to expire on 1 April 2017. Under the Legislation Act 2003, this class order will expire ('sunset') if not remade. Comments due 1 September 2016. More...

CP 263 Risk management systems of responsible entities: Further proposals
ASIC – 21 July 2016 – Consultation Paper 263 and the proposed guidance builds on the proposals in Consultation Paper 204 Risk management systems of responsible entities ( CP 204). The proposed guidance does not impose new obligations on responsible entities but gives more detailed guidance on how they may comply with their current obligations under s912(1)(h) of the Corporations Act. Comments due 1 September 2016. More...

ASIC remakes and repeals 'sunsetting' class orders on trustee company common funds
ASIC – 20 July 2016 – Following public consultation, ASIC has finalised an Instrument to maintain relief concerning the entities to which client money can be deposited under s981B of the Corporations Act. The Instrument replaces ASIC Class Order [CO 04/1063] Section 981B money in cash common funds due to sunset on 1 April 2017. More...

Financial industry wants longer government terms
MEDIA – 20 July 2016 – The Financial Services Council has suggested extending federal government terms to four or five years to reduce short-term political pressures holding up crucial industry reform. More...

APRA's Helen Rowell says super failing on members' insurance
MEDIA – 20 July 2016 – APRA deputy chair Helen Rowell said on Wednesday she wanted to see more focus from funds on the design and pricing of the life, disability and income protection insurance products most workers are automatically signed up to via their employer-nominated super fund. More...

Certainty and stability important for superannuation: ASFA
ASFA – 19 July 2016 – The Association of Superannuation Funds of Australia (ASFA) has today welcomed the re-appointment of Kelly O'Dwyer as Minister for Revenue and Financial Services and looks forward to working with the Turnbull Government to bring about the best possible outcomes for superannuation fund members. More...

Minister O'Dwyer urged to ensure super changes are workable and well-communicated
ASIT – 18 July 2016 – AIST today welcomed the appointment of Kelly O'Dwyer as Minister for Revenue and Financial Services. More...

Bank industry reviewer says he will hold big four 'to account'
MEDIA – 15 July 2016 – The former Commonwealth auditor-general defends his new role overseeing reforms in the banking industry to address a series of financial scandals. More...

Supreme Court battle prompts call for 'retrospective' fund for financial victims
MEDIA – 14 July 2016 – A Supreme Court case involving a financial planner underscores the need for a fund of last resort for people who have lost money through poor financial advice. 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. Closing date for submissions on CP 260 is 22 July 2016. More...


Wild v Ronnoco Group & Anor [2016] QDC 181
PROCEDURE – SUMMARY JUDGMENT – Application by defendant/employer – where plaintiff/employee notified defendant/employer of the chosen fund for superannuation contribution – where the defendant/employer mistakenly made contributions into the account of a different employee with a different fund – where plaintiff then sought unsuccessfully to claim on the insurance associated with the fund into which the contributions were wrongly paid – where plaintiff claims against the defendant for the loss of an opportunity to have made a claim on that fund – where contributions mistakenly paid into that fund have been recovered and the plaintiff has otherwise successfully claimed under the insurance policy associated with a fund of which she was already a member – Whether any real prospects of success or any need for a trial.

Legislation – Commonwealth

ASIC Corporations (Repeal) Instrument 2016/675
This instrument repeals ASIC Class Orders [CO 00/199] and [CO 04/1063] effective 20 July 2016. Registered: 18 July 2016.

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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