Australia: Inside track: superannuation, funds management and financial services – media releases, in practice and in courts, cases and legislation.

Last Updated: 14 November 2018
Article by Chris Lovell, Paul Faure, Bill Glover and Kylie Wilson

Most Read Contributor in Australia, December 2018

In the media

Government should legislate if it wants mandatory code
If the Government wishes the Insurance in Superannuation Voluntary Code of Practice to become mandatory it has the ability to legislate the outcome, according to the Association of Superannuation Funds of Australia (ASFA) (01 November 2018). More...

Industry must take more responsibility: APRA
The Australian Prudential Regulation Authority has released its submission to the Hayne royal commission interim report and has told the industry to take more responsibility. APRA intends to strengthen the prudential standards to focus not only on policies and frameworks, but their implementation in practice and the outcomes achieved (01 November 2018). More...

ASIC 2017-18 Annual Report
ASIC has published its Annual Report for 2017-18. The report is a record of ASIC's activities and performance for the previous financial year. ASIC 2017-18 Annual Report can be found here (31 October 2018). More...

Retirement income covenant and ensuring a fair and effective superannuation system
The Government is amending the law to maintain the capped defined benefit treatment of market linked pensions under the transfer balance cap where they have been rolled over as a result of a successor fund transfer. The law will also be amended to ensure that death benefits that include life insurance proceeds are not subject to tax when they are rolled over to a new superannuation fund (31 October 2018). More...

Rice Warner points to PC misinterpretations
Actuarial research house, Rice Warner has claimed the Productivity Commission (PC) has misinterpreted Rice Warner's findings with respect to the impacts of removing insurance inside superannuation on the Age Pension (30 October 2018). More...

Self-managed superannuation funds auditor enforcement actions
ASIC has deregistered, suspended or imposed conditions on 101 self-managed superannuation funds (SMSF) auditors for audit quality and independence issues or on fit and proper person criteria since the registration of SMSF auditors began in 2013. Since 1 July 2013, the Superannuation Industry (Supervision) Act 1993 (SIS Act) requires all auditors of SMSFs to be registered with ASIC (26 October 2018). More...

Financial firms yet to join Australian Financial Complaints Authority must act immediately
More than 35,000 financial firms required to join the Australian Financial Complaints Authority (AFCA) have now joined the scheme. There are more than 300 licensed financial firms who are still to join, and most of these are credit licensees who were previously members of the Credit and Investments Ombudsman (25 October 2018). More...

Legislating stronger penalties for white collar crime
The Coalition Government has introduced legislation into Parliament to significantly strengthen criminal and civil penalties for corporate and financial sector misconduct. The legislation will bring our penalties closer to those in other leading jurisdictions and further protect Australian consumers from white collar crime. Criminal penalties are set to double (24 October 2018). More...

Frydenberg urges tougher ASIC approach
The Federal Treasurer, Josh Frydenberg has made it clear he wants the Australian Securities and Investments Commission (ASIC) to adopt a tougher approach to the financial services industry, including more litigation (23 October 2018). More...

In practice and courts

ASIC: penalties for white collar crime
The new the bill significantly increases maximum penalties for both criminal and civil wrongdoing. As the legislation includes changes to the Corporations Act, its introduction requires the agreement of at least three states or two states and one territory. The Government is actively seeking this agreement. The new maximum criminal penalties are tabled here (21 October 2018). More...

Royal Commission Update
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established by the Government in December 2017, with the first of seven public hearings held in March 2018, and the final round to be held in November 2018. More...

AUSTRAC: Draft amendments to Chapter 11 of the AML/CTF Rules
Chapter 11 specifies the reporting and lodgment periods applicable to the compliance reporting obligation in section 47 of the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Act). The draft amendments to Chapter 11 exempt reporting entities who in 2018 ceased, and did not recommence, to provide a designated service. The consultation period closes on 22 November 2018. Access the draft amendments here (26 October 2018).


Bullivant v Australian Meat Industry Superannuation Pty Ltd [2018] FCA 1588
SUPERANNUATION – Whether error of law in the determination of the Superannuation Complaints Tribunal (Tribunal) under the Superannuation (Resolution of Complaints) Act 1993 (Cth) – approach of the Tribunal to the determination of whether the trustee's decision was unfair or unreasonable – whether lack of procedural fairness on the part of the trustee of itself made the trustee's decision unfair or unreasonable – whether error of law on the ground of no evidence in the statement of the Tribunal that there was no evidence that the applicant had an expectation of future financial support from the deceased – whether error of law in the Tribunal not deciding whether the applicant had repaid a debt to the deceased – whether the Tribunal gave determinative effect to the deceased's will – whether error of law in that respect – whether Court should make findings of fact that the applicant had an expectation of future financial support from the deceased and that the applicant was the only party with an expectation of future financial support – appropriate orders – whether Court should order that the entirety of the death benefit be paid to the applicant – appropriate costs order where submitting appearances.
Superannuation Industry (Supervision) Act 1993 (Cth) s 10.
Superannuation (Resolution of Complaints) Act 1993 (Cth) ss 14, 37, 46




Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018
HR 2nd reading moved 24/10/2018 - This Bill amends the Corporations Act, ASIC Act, Credit Act and Insurance Contracts Act to introduce a stronger penalty framework in response to a number of recommendations from the ASIC Enforcement Review Taskforce report . The amendments made by this Bill will deter misconduct and improve community confidence in the corporate and financial sector.


Legislation (Deferral of Sunsetting—Superannuation (Unclaimed Money and Lost Members) Regulations) Certificate 2018
30/10/2018 - This instrument defers the sunsetting date of the Superannuation (Unclaimed Money and Lost Members) Regulations 1999 from 1 April 2019 to 1 April 2020.

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.

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
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