Australia: Superannuation, Funds Management & Financial Services News - 4 September 2017

Last Updated: 8 September 2017
Article by Chris Lovell, Paul Faure and Bill Glover

Most Read Contributor in Australia, August 2018

In the media

New super disclosure rules will make it impossible to compare fees and costs
ISA – 01 September 2017 - New super disclosure rules will make it impossible for consumers to compare super fund fees and costs giving bank-owned and other retail super funds another leg up by failing to capture investment platforms - the majority of their assets - over half a trillion dollars - are invested through. More...

ASIC disqualifies NSW SMSF auditor
ASIC – 31 August 2017 - ASIC has disqualified Chiu Man of New South Wales from being an approved self-managed superannuation fund (SMSF) auditor. ASIC found that Mr Man had breached fundamental audit requirements and was otherwise not a fit and proper person. More...

Adverse publicity drive insurance opt-outs
MEDIA– 31 August 2017 - The increased publicity around insurance within superannuation saw an upsurge in members opting out such arrangements, according to evidence provided to the Productivity Commission (PC) by Mercer. More...

SG taskforce to crack down on non-payment
MEDIA– 30 August 2017 - The federal government will provide the Australian Taxation Office (ATO) with additional funding for a superannuation guarantee (SG) taskforce to clamp down on employer non-compliance. More...

Additional funding for SG Taskforce gets SMSF Association backing
SMSF ASSOCIATION – 30 August 2017 - The SMSF Association has endorsed the decision by the Government to provide the Australian Tax Office (ATO) with additional funding for a Superannuation Guarantee Taskforce to ensure employers comply with their Superannuation Guarantee (SG) obligations. More...

Turnbull Government backs workers on superannuation
TREASURY – 29 August 2017 - The Government today announced a further package of reforms to give the Australian Taxation Office (ATO) near real-time visibility over superannuation guarantee (SG) compliance by employers. The Government will provide the ATO with additional funding for a Superannuation Guarantee Taskforce to crackdown on employer non-compliance. More...

ASIC cashes in on superannuation fees
MEDIA – 29 August 2017 - The Australian Securities and Investments Commission (ASIC) has announced major changes to the way superannuation contributors are to receive information on fees and charges levied by their fund managers and which affect them as consumers. More...

New unpaid super measures welcome, but SG must be paid same time as wages

ISA – 29 August 2017 - New figures that reveal approximately 80 per cent of unpaid superannuation went undetected by the Australian Tax Office (ATO) in 2014-15, with only around 13 cents in each dollar actually recovered for workers, have prompted calls for super payments to be aligned with wage payments. More...

More frequent payslip reporting by employers needed to address $billions in unpaid super
AIST – 29 August 2017 - AIST has today welcomed a package of Government reforms aimed at improving superannuation guarantee (SG) compliance by employers, whilst calling for more frequent employer payslip reporting. More...

FSC supports new measures to protect consumers from non-payment of superannuation guarantee
FSC – 29 August 2017 - The Financial Services Council (FSC) welcomes the Government's proposed reforms to make it tougher for employers to shirk their legal obligation to pay their employees' superannuation guarantee. More...

Professional indemnity insurance review completed
ASIC – 28 August 2017 - A targeted review of professional indemnity (PI) insurance by ASIC has found that most small companies holding Australian financial services (AFS) licences had PI insurance that met regulatory requirements. Generally, the small AFS licensees that we reviewed had policies with an overall indemnity limit that complied with requirements. More...

APRA to establish independent prudential inquiry into governance, culture and accountability within CBA
APRA – 28 August 2017 - The prudential inquiry will be conducted by an independent panel, to be appointed by APRA. Subject to settling the final terms of reference, it is anticipated that the panel will provide a final report to APRA around six months from the formal commencement of the inquiry, and that this report will be made public. More...

Government backs APRA CBA inquiry – taking action now
TREASURY – 28 August 2017 - The Treasurer welcomes today's announcement by the Australian Prudential Regulation Authority (APRA) to commence an independent prudential inquiry that would focus on the governance, culture and accountability frameworks and practices within the Commonwealth Bank of Australia (CBA). More...

Super fees set to become more transparent and easier to understand
ASIC – 25 August 2017 - From 30 September there will be significant changes to the way superannuation and managed investment funds disclose the fees and charges that affect consumers. The new requirement follows the ASIC identifying a significant amount of under-reporting of fees, as well as considerable inconsistency in the way fees and charges are listed by funds. More...

Published – articles, papers, reports

APRA superannuation statistics June 2017
APRA: 22 August 2017
Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the June quarter 2017. More...

In practice and courts

APRA RSE licensees letter about assessing member outcomes in the superannuation industry
APRA has published a letter to all RSE licensees about assessing member outcomes in the superannuation industry (31 August 2017). More...

FPA Submissions
Superannuation: Assessing Competitiveness and Efficiency
Productivity Commission – 21 August 2017.

ASFA Submissions
Submission to the Productivity Commission: Issues Paper on Superannuation: Assessing Competitiveness and Efficiency (23 August 2017). More...

AIST Submissions
25 Aug 2017 - ATO online super account name display
AIST supports the display of product names in ATO Online, but recommends changing the current listings of product names in the Fund Validation Service to improve fund name recognition by members.

21 Aug 2017 - Response to Productivity Commission Stage 3 Issues Paper
This submission reiterates AIST's strong support for the legislated but not yet implemented system for selecting default superannuation funds.

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.

Gazette - Superannuation Industry (Supervision) Act 1993
Notices of disqualification under the act.

30/08/2017: Notice of Disqualification - Blake Thomas Roberts.

29/08/2017: Notice of Disqualification - Mark Billing; Graham Thorpe; Gebi Genemo; Milko Gurari; Nadene Thorpe.

28/08/2017: Notice of Disqualification – Kellie O'Dwyer; Hugh O'Dwyer

25/08/2017: Notice of Disqualification - Shelagh Thompson; Michael Thompson; Grahame Thompson; Kathryn M Tranter; John A Tranter; Scott D Milner

Cases

FSS Trustee Corporation v Eastaugh [2017] VSCA 218
SUPERANNUATION – Appeal – Construction of superannuation trust deed and rules – Benefit entitlements – Whether recall payments made to members of defined benefit scheme are salary for the purpose of determining superannuation entitlements – Hospitals Superannuation Act 1988 – First Superannuation Act 1992 (NSW) – Practical and purposive approach to interpretation of superannuation schemes – Ansett Australia Ground Staff Superannuation Plan Pty Ltd v Ansett Australia Ltd [2002] VSC 576; (2002) 174 FLR 1; Stevens v Bell [2002] EWCA Civ 672, considered – Leave to appeal granted – Appeal dismissed.

AIA Australia Ltd v Lancaster [2017] FCA 962
SUPERANNUATION – appeal against determination by Superannuation Complaints Tribunal – entitlement of fund member to income protection benefit under insurance policy held by fund – calculation of benefit payable by reference to income – income had increased at date of disablement but neither trustee or insurer notified at that date – insurer calculated benefit based on income advised to it – Tribunal ordered benefit be calculated based on increased salary – whether Tribunal determination inconsistent with terms of insurance policy.
Insurance Contracts Act 1984 (Cth), ss 37, 53, 57
Superannuation (Resolution of Complaints) Act 1993 (Cth), ss 14, 37, 46
Insurance Contracts Regulations 1985 (Cth), r 32

Legislation - Queensland

Subordinate legislation as made
No 177: Superannuation (State Public Sector) Regulation 2017 - Superannuation (State Public Sector) Act 1990 – 01 September 2017 - The Superannuation (State Public Sector) Regulation 2017 replaces the expiring Superannuation Regulation. It is in substantially similar to the existing Superannuation Regulation and makes no policy change. Regulation and makes no policy change. The Superannuation (State Public Sector) Regulation 2017 updates the wording of provisions in line with current drafting practice and renumbers provisions.

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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