Australia: Superannuation, Funds Management & Financial Services News - 15 November 2017

Last Updated: 17 November 2017
Article by Chris Lovell, Paul Faure and Bill Glover

Most Read Contributor in Australia, August 2018

In the media

'Public should be shocked': Judge clears NAB, ANZ $100m rate-rigging settlements
MEDIA – 10 November 2017 - The Federal Court on Friday approved a $100 million settlement between the sharemarket regulator and two of the major banks accused of seeking to rig the benchmark bank bill swap rate (BBSW). More...

ATO compromises on SMSF reporting changes
MEDIA – 10 November 2017 - Revenue and Financial Services minister, Kelly O'Dwyer is expected to receive an interim report around superannuation guarantee non-compliance within days. The ATO has compromised on its plans to impose stringent reporting requirements on self managed super funds (SMSFs) for prescribed events, following pressure from SMSF groups. More...

ATO affirms SMSF event-based reporting rules
MEDIA – 10 November 2017 - Self-managed super funds (SMSFs) with a balance of $1 million or more will be subject to an event-based reporting regime from 1 July 2018, the Australian Tax Office announced. SMSF members have 28 days after the end of the quarter to report an event, which would include the commencement or commutation of a retirement phase pension. Other SMSFs with balances less than $1 million will continue to report annually. More...

AFA backs choice of fund
MEDIA – 09 November 2017 - Workers should have access to a choice of superannuation funds to allow them to make contributions to the same fund throughout their working lives, irrespective of industrial agreements and awards, according to the Association of Financial Advisers (AFA). More...

Personal tax concessions that drive up housing prices better spent elsewhere - new report
ISA – 06 November 2017 - One of over a dozen policy proposals listed in its Assisting Housing Affordability discussion paper, Industry Super Australia says personal tax incentives and first home buyer grants have only fueled the unsustainable growth in property markets. More...

China and Australia to cooperate on fintech
ASIC – 06 November 2017 - The China Securities Regulatory Commission (CSRC) and Australian Securities and Investments Commission (ASIC) have entered into an agreement to promote innovation in financial services in their respective markets. The Information Sharing Co-operation Agreement further underlines the significance of the broader Australia-China trade and investment relationship. More...

Poor auditing could be 'canary in the coal mine' for financial crisis: ASIC
MEDIA – 03 November 2017 - Australia could be facing an Enron-style corporate collapse unless the big four accounting firms dramatically improve their auditing standards, the outgoing ASIC chairman warns. More...

Australian Financial Complaints Authority consultation
TREASURY – 03 November 2017 - The Turnbull Government welcomes the release by Dr Malcolm Edey of the Consultation Paper on the terms of reference, governance and funding arrangements for the Australian Financial Complaints Authority (AFCA), the new one-stop shop dispute resolution body for all financial disputes. AFCA will commence from 1 July 2018. More...

Australian FinTech streaming ahead
TREASURY – 03 November 2017 - The Turnbull Government welcomes the release today of the EY FinTech Australia Census 2017, which reveals the strength and maturity of Australia's FinTech sector. The Census provides a comprehensive overview of the Australian FinTech landscape, showing that the number of FinTech firms operating in Australia is now approaching 600, having more than doubled since 2015. The full Census results are available on the EY website. More...

AIST welcomes ASIC review of super disclosure rules
AIST – 02 November 2017 - AIST welcomes the announcement by the Australian Securities and Investment Commission (ASIC) that it will conduct a review of the Regulatory Guide 97 fee and cost disclosure requirements and adopt a facilitative approach to funds complying with the existing legislation. More...

ASIC reviews RG97 impact
MEDIA – 02 November 2017 - ASIC announced it will conduct an external review on the effects of the Regulatory Guide 97 fee disclosure reforms, and will again extend its previous 30 September compliance deadline. More...

Thousands of super options leaving consumers bewildered: new poll
ISA – 01 November 2017 - Banks are overloading consumers with choice, and the public believes the banks have a track record of offering numerous financial products designed to make it hard to assess which is right for them, a new survey finds. More...

APRA points to looming structural issues
MEDIA – 31 October 2017 -The Australian Prudential Regulation Authority has highlighted the liquidity and investment risks facing super funds due to an ageing population. The superannuation industry is experiencing increasing structural change warranting closer attention on the part of the Australian Prudential Regulation Authority (APRA). More...

In practice and courts

Consultation Paper: Terms of reference, governance and funding arrangements for the Australian Financial Complaints Authority (AFCA)
Feedback from the Consultation Paper will provide the basis of Dr Edey's advice to the Minister on the authorisation of AFCA, including any conditions that should be imposed on authorisation. The Consultation paper is available on the Treasury website. Interested stakeholders are invited to comment. Submissions on this consultation will close on 20 November 2017 (03 November 2017).

AIST Submissions
03 November 2017 - Treasury Laws Amendment (Whistleblowers) Bill 2017 - AIST supports the measures in the exposure draft legislation to create a consolidated whistleblower protection framework. More...

ASFA Submissions
03 November 2017 - Submission to the Treasury - Consultation on the Enhanced Regulatory Sandbox – Draft legislation. More...


Edwards v Commonwealth Superannuation Corporation [2017] FCAFC 173

SUPERANNUATION – payment of pension of deceased member – payment to person other than spouse – payment to dependent children. Administrative Decisions (Judicial Review) Act 1977 (Cth); Superannuation Act 1976 (Cth); Superannuation (Resolution of Complaints) Act 1993 (Cth).

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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