Australia: Superannuation, funds management & financial services news – 19 April 2017

Last Updated: 23 April 2017
Article by Chris Lovell, Paul Faure and Bill Glover

Most Read Contributor in Australia, September 2017

In the media

ASIC proposes peer review financial services panel
MEDIA – 11 April 2017 - The corporate regulator has proposed to develop and implement a Financial Services Panel to act as a peer review to the body's administrative decision making processes. More...

ASIC wants tougher breach reporting obligations
MEDIA – 11 April 2017 - The Australian Securities and Investments Commission (ASIC) has proposed more stringent breach reporting requirements of misconduct by banks and financial services firms and licensees after publicly expressing concerns with the effectiveness of the existing regime. More...

Further streamlining of regulatory approvals
TREASURY – 12 April 2017 - The Turnbull Government has successfully legislated to give partial licence exemptions and additional powers to partially or fully exempt a particular market or class of financial markets from ASIC supervision and from compensation arrangements. These new powers are being delegated to authorised officers of the ASIC and will streamline market licensing approval. More...

Affordable housing touted as new asset class
MEDIA – 11 April 2017 - Treasurer Scott Morrison is keen to encourage superannuation funds to invest in affordable housing as a "longer term fixed interest" asset class. More...

ASIC enforcement review consults on breach reporting
TREASURY - 11 April 2017 - The Turnbull Government welcomes the release today of a positions paper on 'Self-reporting of contraventions by financial services and credit licensees' by the ASIC Enforcement Review Taskforce. More...

Breach reporting changes flagged by Treasury
MEDIA – 12 April 2017 - Treasury is seeking industry comment on potential changes to ASIC's breach reporting rules, along with a proposal that major advice licensees be required to make their breach report data public. More...

Morrison brings super lump sums into housing focus
MEDIA – 11 April 2017 - The Federal Treasurer, Scott Morrison has directly referenced the frequency with which superannuation lump sums are being used to pay down mortgages. More...

FSC looks forward to working with FASEA board
FSC – 11 April 2017 - The Financial Services Council (FSC) today welcomes the appointment by the Hon Kelly O'Dwyer of Catherine Walter AM as Chairman of the new Financial Adviser Standards and Ethics Authority (FASEA), as well as the Board's eight appointed directors. More...

Arbitrary thresholds' shouldn't guide super mergers
MEDIA – 10 April 2017 - Superannuation funds shouldn't merge based solely on their funds management or number of members, says the Association of Superannuation Funds of Australia. More...

Complex super claims process force lawyer involvement
MEDIA – 07 April 2017 - The Insurance in Superannuation Working Group (ISWG) has released a discussion paper as another step towards developing a Life Insurance Code of Practice for super trustees, which said the processing delays being faced by the Superannuation Complaints Tribunal (SCT) could be leading members claiming towards appointing a lawyer and litigation as a faster way to advance a claim than the SCT. More...

Early super release 'wrong solution' for housing
MEDIA – 06 April 2017 - Giving young Australians early access to their super to finance a house purchase would do nothing to address the underlying problem, says the Committee for Sustainable Retirement Incomes. More...

Federal Court upholds 'best interests' breach
MEDIA – 05 April 2017 - ASIC has successfully defended its interpretation of the FOFA laws in the Federal Court, with a Melbourne-based advice licensee found to have breached the FOFA laws in the first case of its kind. More...

In practice and courts

ASIC consultation: establishing a Financial Services Panel
ASIC has today released a consultation paper on its proposal to develop and implement a Financial Services Panel (the Panel). ASIC will be consulting on: how the Panel would enhance the impact of ASIC's administrative decisions; the types of matters that would be referred to the Panel; and the optimal composition of the Panel. Submissions on Consultation Paper 281 Financial Services Panel (CP 281) are due by 23 May 2017 (11 April 2017). More...

ASIC updates guidance for strata schemes and management rights schemes
ASIC has updated Regulatory Guide 140 Strata schemes and management rights schemes (RG 140). This update follows ASIC issuing two legislative instruments in September 2016 to replace several class orders that dealt with relief for property, strata and management rights schemes (12 April 2017). More...

FPA submission: Statutory Declarations Regulations Review
Attorney-General's Department, 10 April 2017. More...

ASFA: Call for submissions on second Insurance in Superannuation Working Group (ISWG) discussion paper
The Insurance in Superannuation Working Group (ISWG) today released the second in a series of discussion papers as a further step towards developing a Life Insurance Code of Practice for superannuation trustees. The paper, Claims Handling, examines existing practices and issues associated with insurance claims handling and outlines some changes in timeframes. Submissions close on 05 May 2017 (07 April 2017). More...

ASFA Submissions
Submission to the Treasury: Consultation on Exposure Draft Treasury Laws Amendment (Innovative Superannuation Income Streams) Regulations 2017 and Explanatory Statement (12 April 2017). More...

RIAA newsletter: Issue 62 – April 2017
In this edition: GSIA Report Launch; Food For Thought: $23 Trillion – RI Continues to Boom
MP Capital divests tobacco, munition stocks; AEI throws back Tassal investments; NAB Equality Bond raises $500m. More...

Commonwealth Inquiries
Superannuation Guarantee non-payment
Status: Submissions Closed; Date Referred: 01 December 2016; Reporting Date: 02 May 2017.

Scrutiny of financial advice
Status: Re-referred; Date Referred: 11 October 2016; Reporting Date: 30 June 2017.

ASFA: 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.

Legislation - Commonwealth

ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186
31/04/2016 - This instrument relieves foreign licensees and ADIs from certain financial reporting, record keeping and licencing provisions of the Corporations Act.

ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191
31/03/2016 - This instrument allows entities to round amounts disclosed in financial and directors' reports, generally to the nearest thousand dollars.

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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