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.
