Australia: Superannuation, Funds Management & Financial Services - Whats News - 8 February 2017

Last Updated: 18 February 2017
Article by Chris Lovell, Adeline Hiew, Paul Faure and Bill Glover

Most Read Contributor in Australia, July 2017

In the media

ABA backs 'one-stop-shop' EDR scheme
The Australian Bankers' Association (ABA) has supported the proposed replacement of the three existing financial services external dispute resolution (EDR) schemes with a single entity. See submission to the interim Review of the financial system external dispute resolution and complaints framework report by Professor Ian Ramsey. More...

No logic to changing industry super funds following latest performance data
ISA – 02 February 2017 - New performance figures call into question bank lobbying efforts to dismantle the successful not-for-profit industry super fund governance model, says Industry Super Australia. More...

Don't scrap Super Complaints Tribunal: ASFA
MEDIA – 31 January 2017 - The ASFA has urged the government to reconsider its plan to replace the Superannuation Complaints Tribunal. The latest panel's interim report, titled Review of the financial system external dispute resolution and complaints framework, recommends the creation of a superannuation ombudsman to replace the Superannuation Complaints Tribunal. More...

SCT transition to ombudsman ill-advised
ASFA – 31 January 2017 - ASFA advocates in favour of modernising SCT's governance, accountability and service model rather than replacing it with an industry ombudsman scheme. More... (Media release) More...

SG dodgers put under government spotlight
MEDIA – 30 January 2017 - More details have emerged of the new government working group to tackle employer non-payment of the superannuation guarantee (SG), following industry fund lobby group Industry Super Australia research. More...

Banks to identify bad apple advisers
MEDIA – 30 January 2017 - Banks have agreed to identify and share information about financial advisers with a history of poor conduct, as part of a new initiative by Australia's leading banks (30 January 2017). More...

Salary sacrifice leads to SG short-changing
MEDIA – 27 January 2017 - Over a third of employees who salary sacrificed into superannuation were being short-changed on their super guarantee (SG) contributions from employers due to a loophole in the law, according to Industry Super Australia. More...

Reporting gap allows super non-payment
MEDIA – 25 January 2017 - Non-payment of the superannuation guarantee (SG) by employers went beyond the cash economy, with several major administrative loopholes in Australia's super system allowing non-compliant employers to go undetected for years, according to the ATO. More...

In practice and courts

ASFA Submissions
30 January 2017 - Submission to The Treasury
ASFA response to the interim report: Review of the financial system external dispute resolution and complaints framework (Ramsay Review). Full Submission | Summary

Recent ASX Settlement Operating Rules amendments
01/02/17 "FOR" Financial Products: removal of BuildingIQ Inc. – Procedures: Schedule 1. More...

APRA Publication releases
APRA has released the annual superannuation statistics for June 2016 (01 February 2017).

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...

Superannuation funds to start disclosing subplan information on websites from 1 July 2017
From 1 July 2017, trustees must make all transparency information available, even where it relates to a subplan but can still redact information that is personal to a beneficiary or former beneficiary of the fund. Regulatory Guide 252 Keeping superannuation websites up to date explains how remuneration and other information on superannuation websites may be kept up to date under s29QB of the Supervision Industry (Supervision) Act 1993 (SIS Act) (19 January 2017).
The requirement to report this information follows the expiry of transitional interim relief on 30 June 2017 (refer 16-130MR Further update on Stronger Super regime and ASIC Class Order [CO 14/509])

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). Written submissions are due by 28 April 2017. More...

ASIC defers the superannuation consistency requirements until 2019
ASIC has further deferred by ASIC Superannuation (Amendment) Instrument 2016/1232 the operation of section 29QC of the Superannuation Industry (Supervision) Act 1993 until 1 January 2019. ASIC intends to issue a further instrument, as well as providing guidance, about the application of s29QC in 2018.

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.

Cases

Masu Financial Management Pty Ltd and Australian Securities and Investments Commission [2017] AATA 97
CORPORATIONS LAW – financial services and markets – Australian Financial Services Licence – suspension – historical non-compliance with obligations under s912A – where applicant continues to be in contravention of its obligations – where applicant is likely to breach its obligations in the future – decision affirmed. Corporations Act 2001 ss915C(1), 912A, 760A.

Davidof and Australian Securities and Investments Commission [2017] AATA 37
CORPORATIONS - financial services - banning order – applicant prohibited from providing any financial services – MINI warrants – whether a MINI warrant is a financial product – whether MINI warrants are derivatives – decision under review set aside - Corporations Act 2001 (Cth), ss760A, 761A, 761D(1), 764A(1)(c,) 910(a)(iii), 920A(1), 920B, 1041A, 1041B.

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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