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.

Cases

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.

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