Australia: Superannuation, Funds Management & Financial Services News – 3 May 2017

Last Updated: 7 May 2017
Article by Chris Lovell, Paul Faure and Bill Glover

Most Read Contributor in Australia, August 2018

In the media

ASIC suspends AFS licence of Australia Wealth Capital Group
ASIC – 28 April 2017 - ASIC has suspended the Australian financial services (AFS) licence of Australia Wealth Capital Group Pty Ltd (AFS licence 434007) until 3 October 2017, for failing to comply with a number of key obligations as a financial services licensee. More...

Lawyers call out property bubble, flag 'significant risk'
MEDIA – 26 April 2017 - The majority of property lawyers believe Australia is experiencing a real estate bubble, but they remain divided over a number of key issues such as foreign investment and superannuation. More...

FPA launches new campaign to highlight benefits of financial advice for all Australians
FPA – 24 April 2017 - The Financial Planning Association of Australia (FPA) has launched a new national advertising campaign designed to promote the benefits of financial advice by a CERTIFIED FINANCIAL PLANNER® (CFP) professional. More...

New performance data highlights chronic underperformance of bank-owned Super
ISA – 24 April 2017 - The Independent data measuring the performance of Australia's superannuation funds shows not-for-profit industry super funds continue to outperform "for profit" bank-owned funds in the short, medium and long term. The latest SuperRatings monthly data shows, on average, industry super funds have outperformed bank-owned super funds by more than 2% over 10 years. More...

'Better-off' test needed for super advice
MEDIA - 21 April 2017 - Major banks cross-selling superannuation to customers should face a 'better off' test to ensure consumers are not switched from better performing funds, following the failure of the Sedgwick review. More...

SMSF Association rejects Labor proposal to ban LRBAs
SMSF Association - 21 April 2017 - The SMSF Association remains supportive of Limited Recourse Borrowing Arrangements (LRBAs) in the wake of today's announcement by the Labor Party to recommend their abolition in line with the Financial System Inquiry (FSI) final report. More...

Industry Super Australia welcomes Labor's affordable housing proposal
ISA - 21 April 2017 - The Industry Super Australia welcomes the proposal announced today by the Federal Labor Party on tackling housing affordability. The policy proposes a ban on non-recourse borrowing arrangements in Self-Managed Super Funds (SMSF) as well as support for implementing a bond-aggregator model which could unlock substantial investment opportunities for superannuation funds in affordable housing. More...

Product-based payments should stay: Sedgwick
MEDIA - 20 April 2017 - The final report of Stephen Sedgwick's review of retail banking remuneration has failed to find grounds for an "outright ban on all product-based payments" – but payments based solely on sales targets will end. More...

In practice and courts

CIO: Position Statement 9 - Access to Documents
This Position Statement sets out: whether a consumer can request access to documents that a financial services provider (FSP) holds, how the consumer can request that access, what happens after the consumer requests access to their documents, whether the consumer will need to pay a fee for access, what the consumer can do if the FSP does not respond to their request or denies access, and how we will handle complaints about access (27 April 2017). More...

AASB: Making super clearer – new reporting will help Australians check performance of superannuation funds
From this year, superannuation funds will publish financial reports that clearly show the benefits members are entitled to, and whether the fund is likely to be able to pay those benefits (27 April 2017). More...

AASB 1056 Superannuation Entities – support material released
The AASB has published guidance to assist in understanding and implementing the requirements of AASB 1056 which applies to superannuation entities from the 2016/17 financial year (27 April 2017).

ASFA Submissions
26/04/2017 - Submission to The Treasury - Re: Consultation on Exposure Draft Treasury Laws Amendment (2017 Measures No. 2) Bill 2017: superannuation reform package amending provisions and Explanatory Memorandum. More...

AIST Submissions
24/04/2017 - Super reform – minor and technical amendments - This exposure draft rectifies many of the issues identified during consultation on the new measures introduced as part of the 2016 Budget. AIST strongly supports these changes in principle. More...

AIST Opinion: Good governance comes from principles: AIST
The Australian Institute of Superannuation Trustees' incoming governance code is a reflection of the profit­to­member sector's commitment to protecting workers' best interests (12 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. More...

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.

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.


Edwards v Commonwealth Superannuation Corporation [2017] FCA 375
SUPERANNUATION – appeal of Superannuation Complaints Tribunal determination under s 46 of the Superannuation (Resolution of Complaints) Act 1993 (Cth) – applicant not a party to the Tribunal determination – lack of standing – application dismissed.
ADMINISTRATIVE LAW – application for judicial review of Superannuation Complaints Tribunal determination under Administrative Decisions (Judicial Review) Act 1977 (Cth) – standing – definition of "a person aggrieved" – judicial review limited to appeal of decision from Tribunal.
SUPERANNUATION – construction of s 114 of the Superannuation Act 1976 (Cth) – whether s 114 permitted payment of benefit directly to "eligible child" – legislature contemplated a payment might be made directly to a child.
PRACTICE AND PROCEDURE – application under rr 9.23 and 9.25 of the Federal Court Rules 2011 (Cth) – purpose of rr 9.23 and 9.25 – application dismissed.

Legislation - Commonwealth

Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2017
24/04/2017 - This determination relates to the adjustment of superannuation entitlements of separated and divorced spouses, and of separated de facto couples (except in Western Australia).

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.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions