Australia: Superannuation, Funds Management and Financial Services - Whats News - 23 January 2017

Last Updated: 1 February 2017
Article by Chris Lovell

Most Read Contributor in Australia, August 2018

In the media

Superannuation funds to start disclosing subplan information on websites from 1 July 2017
ASIC – 19 January 2017 - ASIC has written to trustees of superannuation funds with employer subplans reminding them of the requirement to publicly disclose transparency information for those subplans from 1 July 2017. The requirement to report this information follows the expiry of transitional interim relief on 30 June 2017. More... More...

Expulsion proves code enforcement says FPA
MEDIA – 19 January 2017 - An expulsion from the FPA is proof of the organisation's willingness to enforce its code of conduct, according to FPA chief executive, Dante De Gori. Financial Planning Association (FPA) chief executive, Dante De Gori has pointed to an expulsion imposed by his organisation's Conduct Review Commission (CRC) as proof that the FPA is prepared to back its code of conduct with action. More...

Two planners sanctioned in FPA review
MEDIA – 19 January 2017 - The FPA has expelled a financial planner member for cheating on his CFP, while another awaited an outcome after acting dishonestly in relation to insurance applications. The FPA has made two determinations against two of its financial planner members: one for dishonest conduct in relation to insurance applications and another for cheating on a Certified Financial Planner (CFP) certification exam. More...

Patronising and impoverished Grattan grab for attention on super objective
ASFA – 13 January 2017 - The Association of Superannuation Funds of Australia (ASFA) today strongly repudiated claims made by the Grattan Institute that the age pension and rent assistance would provide an adequate or acceptable retirement for Australians. More...

FPA calls to enforce super objective
FPA – 13 January 2017 - The FPA has raised concerns with the arrangements for compliance around the government's proposed objective of superannuation, pointing to the lack of mechanisms available to assess the effectiveness of new legislation. More...

In practice and courts

Consumer protection in the banking, insurance and financial sector
On 29 November 2016, the Senate referred an inquiry into the regulatory framework for the protection of consumers, including small businesses, in the banking, insurance and financial services sector (including Managed Investment Schemes) to the Senate Economics References Committee for inquiry and report by the last sitting day of the autumn sittings of 2018. Submissions close on 7 March 2017. More...

Scrutiny of financial advice
The inquiry lapsed at the end of the 44th Parliament. On 11 October 2016, the Senate agreed to the committee's recommendation that this inquiry be re-adopted in the 45th Parliament. The committee is due to report by 30 June 2017. More...

Development of the framework for Comprehensive Income Products for Retirement: discussion paper
The Government has released a discussion paper exploring key policy issues to facilitate further development of a framework for the retirement phase of the superannuation system (Comprehensive Income Products for Retirement, or MyRetirement products). The discussion paper is available on the Treasury Consultation Hub. Written submissions are due by 28 April 2017.

ASIC extends the transition period for superannuation and retirement calculators
ASIC has extended to 1 July 2018 the time that providers of retirement and superannuation calculators have to comply with the new requirement that generic financial calculators must account for inflation. See RG 167; ASIC Corporations (Generic Calculators) Instrument 2016/207 and ASIC Corporations (Amendment) Instrument 2016/1090

Superannuation Guarantee non-payment
On 1 December 2016, the Senate referred an inquiry into the Superannuation Guarantee to the Senate Economics References Committee for inquiry and report by 22 March 2017. Submissions close on 17 February 2017. More...

Reminder: Transition period for updated fee and cost disclosures
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), until 30 September 2017.

Legislation – Commonwealth

Financial Sector (Collection of Data) (reporting standard) determination No. 1 of 2017 - Reporting Standard SRS 534.0 Derivative Financial Instruments
13/01/2017 - This instrument determines Reporting Standard SRS 534.0 Derivative Financial Instruments by clarifying reporting regarding directly held over the counter derivatives. The revisions enable RSE licensees to report a counterparty rating grade of 'not applicable' at item 3 on SRS 534.0.

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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