Australia: Superannuation, Funds Management and Financial Services - What's News - 14 December 2016

In the media

SCT determination a reminder on trustee obligations
MEDIA – 8 December 2016 – A recent determination of the Superannuation Complaints Tribunal (SCT) has acted as a reminder to fund trustees of their obligation to pursue an insurance claim for the benefit of a beneficiary, if the claim has a reasonable prospect of success.

ASIC releases new instrument for non-monetary consideration managed investment schemes
ASIC – 8 December 2016 – Following public consultation, ASIC has released a new legislative instrument on interests not for money schemes, replacing three class orders on show schemes, interests not for money schemes and film investment schemes that were due to expire ('sunset').

ASIC Report 505 Response to submissions on CP 266 Remaking ASIC class orders on managed investment schemes: Not for money
ASIC – 8 December 2016 – The report highlights the key issues that arose out of the submissions received on Consultation Paper 266 Remaking ASIC class orders on managed investment schemes: Not for money and details our responses to those issues.

Super disputes kept aside in Treasury review
MEDIA – 7 December 2016 – The superannuation industry backs Treasury's call to retain a separate external dispute resolution body.

ASIC Report 503 Overview of licensing and professional registration applications: Jan to Jun 2016
ASIC – 7 December 2016 – The report sets out recent regulatory outcomes achieved by ASIC in relation to Australian financial services (AFS) applications, Australian credit licence applications, liquidator registration applications, company auditor and approved SMSF auditor registration applications.

Landmark interim report paves the way for new financial disputes framework for consumers
TREASURY – 6 December 2016 – The Turnbull Government welcomed the release today of the Interim Report by the independent expert panel reviewing the financial system's external dispute resolution and complaints framework. The Review will prepare the way for improved resolutions of disputes between consumers and small businesses and their financial institutions.

FOS welcomes Ramsay Review Interim Report
FOS – 6 December 2016 – The Financial Ombudsman Service (FOS) Australia welcomes the interim report into the review of the financial system's external dispute resolution (EDR) and complaints framework (the Ramsay Review).

Interim Ramsay Review report could reshape EDR in super
ASFA – 6 December 2016 – The Association of Superannuation Funds of Australia (ASFA) today welcomed the interim report from the review of the financial system's external dispute resolution (EDR) and complaints framework.

Unpaid super affecting one in three members
MEDIA – 6 December 2016 – Close to one third of Australian employees are not receiving the full superannuation entitlements they are eligible for, according to Industry Super Australia.

ASIC concludes monitoring Lionsgate's compliance with additional conditions
ASIC – 6 December 2016 – ASIC has finished monitoring Lionsgate Financial Group Pty Ltd (Lionsgate) following the placement of additional conditions on its Australian financial services licence.

ASIC surveillance leads Carwardine Financial Services to review their financial advice business
ASIC – 6 December 2016 – Australian financial services licence holder Carwardine Financial Services Pty Ltd (CFS) will undergo an independent external review of its compliance with the financial services laws, following an ASIC surveillance that concluded in September 2016.

Review of the financial system external dispute resolution and complaints framework: interim report
GOVERNMENT – 6 December 2016 – The EDR Review Panel's Interim Report was informed by submissions received in response to the Panel's Issues Paper and makes draft recommendations in a number of policy areas.

One third of Australians short-changed on super, new report finds
ISA – 5 December 2016 – Around 2.4 million or almost one third of Australian workers eligible for super are missing out on some or all of their entitlements, and little is being done about it, a new report reveals.

Get Super Smart and check your Superannuation Guarantee
ASFA – 5 December 2016 – The Association of Superannuation Funds of Australia (ASFA) is urging Australian workers to check their super guarantee (SG) payments are accurate and up to date. ASFA CEO Dr Martin Fahy said a new report on unpaid SG payments, issued today by Industry Super Australian and Cbus, raised some serious concerns and highlights the need for employees to check their SG payments are being made and at the correct amount.

AIST welcomes Senate inquiry to investigate billions of dollars lost in unpaid super
AIST – 2 December 2016 – AIST has welcomed the announcement of a Senate Economics References Committee inquiry into the impact of non-payment of the superannuation guarantee (SG).

Super trustee fee and cost disclosure requirements extended
MEDIA – 1 December 2016 – The corporate regulator has extended the transition period for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes to comply with updated fee and cost disclosure requirements in relation to product disclosure statements (PDSs).

ASIC extends transition period for PDS rules
MEDIA – 1 December 2016 – The corporate regulator has pushed out the deadline for new PDS fee and cost disclosure requirements for super funds and responsible entities until 30 September 2017.

FSC: Overwhelming majority of clients have high trust and satisfaction with their financial planner: University study
FSC – 1 December 2016 – The overwhelming majority of financial planning clients (over 80%) have high levels of trust in, and satisfaction with, their financial planner. That is one of the key findings of a study, titled 'Funding our future: Perceptions of the value of financial advice'.

FOS welcomes FCA Report on Financial Counsellors' EDR experiences
FOS – 30 November 2016 – FOS welcomes the release of the Financial Counselling Australia (FCA) report 'External Dispute Resolution: Results of a Survey of Financial Counsellors'.

Draft consultative approach relating to AML/CTF Rules amendments resulting from the Review of the AML/CTF Act
GOVERNMENT – 30 November 2016 – AUSTRAC will be undertaking a staged approach to implementing recommendations from the Review of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and Associated Rules and Regulations.

APRA submissions
APRA – 30 November 2016 – APRA has released its submission to the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into the life insurance industry.

ASIC extends transition period for PDS rules
ASIC – 29 November 2016 – ASIC has extended the transition period for Regulatory Guide 97, which lays down new rules for the way fees and costs must be disclosed to investors. The transition period will now be extended until 1 October for product issuers who notify ASIC in writing by 31 January 2017 that they intend to take advantage of the extension.

Transition period for updated fee and cost disclosures
ASIC – 29 November 2016 – ASIC has extended the transition period for trustees of superannuation funds and responsible entities of managed funds and other managed investment schemes (issuers) to comply with updated fee and cost disclosure requirements in relation to product disclosure statements (PDSs).

Politics and policy will define super debate in 2017
MEDIA – 28 November 2016 – As superannuation fund executives wrap up 2016 they may find time to reflect upon a year in which the Federal Budget contained some of the most dramatic changes to superannuation policy seen in decades and a raft of other Government initiatives from Productivity Commission (PC) inquiries to regulatory resourcing reviews.

PC super review guidelines on the table
MEDIA – 28 November 2016 – The Productivity Commission (PC) has released the assessment framework for its review of the superannuation system's competitiveness and efficiency.

Cases

The Queensland Local Government Superannuation Board v Allen [2016] QCA 325
PROCEDURE – CIVIL PROCEEDINGS IN STATE AND TERRITORY COURTS – DISCOVERY AND INTERROGATORIES – DISCOVERY AND INSPECTION OF DOCUMENTS – PRODUCTION AND INSPECTION OF DOCUMENTS – GROUNDS FOR RESISTING PRODUCTION – PRIVILEGE – CLIENT LEGAL PRIVILEGE – WAIVER OF PRIVILEGE – where the applicant is the trustee of a superannuation scheme – where the applicant refused the respondent's claim for payment of a total and permanent disability benefit – where the respondent commenced a proceeding in the District Court seeking to establish an entitlement to payment of that benefit – where the respondent brought an interlocutory application in that proceeding seeking disclosure of legal advice provided to the applicant – whether legal professional privilege in the legal advice had been impliedly waived by the applicant.

Legislation – Commonwealth

Acts

Superannuation (Departing Australia Superannuation Payments Tax) Amendment Act No. 90 of 2016
Part of a package of four bills in relation to tax arrangements for working holiday makers, the bill amends the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 to increase the rate of the departing Australia superannuation payments tax to 95% for working holiday makers. Registered: 7 December 2016.

Superannuation (Excess Transfer Balance Tax) Imposition Act No. 80 of 2016
The bill imposes an excess transfer balance tax on the notional earnings of capital moved into a retirement phase superannuation account that is in excess of $1.6 million. Registered: 30 November 2016.

Bills

Superannuation Amendment (PSSAP Membership) Bill 2016
The Superannuation Amendment (PSSAP Membership) Bill 2016 enables certain members of the Public Sector Superannuation Accumulation Plan (PSSAP) who move to non-Commonwealth employment to choose to remain a contributory member of the scheme. Registered: 2 December 2016.

Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill (No. 2) 2016
The Superannuation (Departing Australia Superannuation Payments Tax) Amendment Bill (No. 2) 2016 reduces the rate from 95% to 65% for the departing Australia superannuation payments tax that applies to amounts attributable to superannuation contributions made while a person was a working holiday maker. Registered 2 December 2016.

Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016
A Bill amending the law relating to taxation and superannuation. Introduced with the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016, the bill amends: five Acts to impose a $1.6 million cap on the amount of capital that can be transferred to the tax-free earnings retirement phase of superannuation. Assent (Act No 81 of 2016): 29 November 2016.

Regulations

Banking, Insurance, Life Insurance and Superannuation (prudential standard) determination No. 1 of 2016 – Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives
This instrument determines Prudential Standard CPS 226 Margining and risk mitigation for non-centrally cleared derivatives. Registered: 7 December 2016.

ASIC Corporations (Repeal) Instrument 2016/1108
This instrument repeals ASIC Class Order [CO 02/0210], ASIC Class Order [CO 02/0211], and ASIC Class Order [CO 02/0236]. Registered: 2 December 2016.

ASIC Corporations (Managed Investment Schemes: Interests Not For Money) Instrument 2016/1107
This instrument remakes ASIC Class Order [CO 02/0210], ASIC Class Order [CO 02/0211], and ASIC Class Order [CO 02/0236] with minor and technical changes, combining the terms of the three Class Orders into one legislative instrument. Registered: 2 December 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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