In the media
Gold Coast financial adviser banned for five years
ASIC has banned Gold Coast adviser Daniel John Renneberg
from providing financial services for five years after a
surveillance found that he had failed to act in the best interests
of his clients (31 May 2019).
More...
Dishonesty is dishonesty': AMP super fund holders
launch court action to claw back lost money
Scandal-plagued wealth management firm AMP faces another
class action, this time from its customers, who are hoping to claw
back hundreds of millions of dollars lost after their super funds
were allegedly eroded by fees (30 May 2019).
More...
Accountants seek voice in retirement advice
provision
Accountants have sought a place at the table when the
Government initiates a review of the retirement income system,
suggesting an essential element is proving access to affordable
financial advice (30 May 2019).
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ASIC chooses industry fund default
The Australian Securities and Investments Commission
(ASIC) has chosen Australia's largest industry
superannuation fund, AustralianSuper as its default fund for ASIC
employees (28 May 2019).
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ASIC employee default superannuation fund
From 1 July 2019, ASIC will employ people under the ASIC
Act instead of the Public Service Act, following legislation passed
by Parliament on 17 September 2018. ASIC will review its default
fund arrangements every four years (27 May 2019 ).
More...
Emboldened regulator to hit banker pay
APRA will soon be handing down new prudential standards
around remuneration following the damning results of an inquiry
into 36 of Australia's financial institutions (24 May 2019 ).
More...
AFCA to strengthen leadership team
Chief Ombudsman and CEO David Locke will appoint a Deputy
Chief Ombudsman and General Counsel to support AFCA through its
rapid growth and the expansion of its jurisdiction on 1 July 2019,
when it will start accepting complaints dating back to 2008 (22 May
2019).
More...
AFCA strengthens team
The Australian Financial Complaints Authority
(AFCA) has announced it will be recruiting a new
deputy chief ombudsman and general counsel to support AFCA through
its rapid growth and the expansion of its jurisdiction (23 May
2019).
More...
Former Sydney financial adviser banned for five years
for disregarding director duties
ASIC has disqualified Mr Daniel McSweeny of Zetland, NSW
from managing companies for the maximum period of five years
following his involvement in 14 failed (22 May 2019).
More...
APRA puts banks, insurers and super funds on notice,
considers extra capital requirements
The banking regulator has warned it may hit several
financial institutions with additional capital requirements, after
self-assessments conducted by banks, insurers and superannuation
trustees found "material weaknesses" in governance and
risk management ( 22 May 2019).
More...
IOOF confident on APRA deadline
IOOF Holdings has declared it is confident it can meet the
Australian Prudential Regulation Authority's
(APRA's) deadline on meeting the licence
conditions on its superannuation businesses (23 May 2019 ).
More...
APRA issues directions to companies within the IOOF
group for failing to comply with licence conditions
The APRA has issued directions to companies within the
IOOF group, using for the first time the broader directions powers
under the Superannuation Industry (Supervision) Act 1993
(SIS Act) that were granted by parliament in April
2019 (22 May 2019).
More...
Financial industry must be inclusive: ASIC
ASIC chair James Shipton called for financial institutions
to make the industry more inclusive to all parts of the community,
as international financial regulators reported facing many of the
same challenges as the Australian watchdog ( 22 May 2019).
More...
New research highlights need for Govt agency to develop
an online tool to compare super funds
A high level of confusion among members of poorly
performing super funds points to the urgent need for a
Government-sanctioned online tool to help Australians make more
informed choices about their super savings, the Australian
Institute of Superannuation Trustees said (21 May 2019).
More...
ASIC accounts for financial complaints
The Australian Securities and Investments Commission
(ASIC) has launched a consultation program on new
standards to apply to financial firms handling complaints from
consumers and small business. Note: ASIC sought public input on the
consultation documents, with the deadline for comments 9 August (20
May 2019).
More...
New super regulation to power 'cultural
shift'
ASIC's new role in monitoring conduct in
superannuation funds will drive a 'cultural shift', while
it drives its other strategies for reform of the finance sector,
ASIC commissioners have said in a panel (20 May 2019).
More...
In practice and courts
APRA superannuation statistics - March 2019
APRA releases superannuation statistics for March 2019, on
28 May 2019.
More...
AFCA consults on rule changes to identify financial
firms in published determinations
AFCA has drafted changes to Rule A.14.5 that will enable
us to identify financial firms in published determinations. This
will apply to determinations issued after the changes take effect,
subject to the changes being approved by ASIC. It is anticipated
that the Rules will be released after 1 July 2019. Submissions
close on 20 June 2019. More...
Exposure draft ED 289: Annual Improvements to Australian
Accounting Standards 2018–2020
ED 289 proposes to amend AASB 1 First-time Adoption of
Australian Accounting Standards, AASB 9 Financial Instruments, AASB
16 Leases and AASB 141 Agriculture. Annual improvements are limited
to changes that either clarify the wording in the Standard or
correct relatively minor unintended consequences, oversights or
conflicts between requirements in the Standards. Submit your
comments to the AASB by 31 July 2019 via the AASB website
here (24 May 2019).
APRA: Self-assessments of governance, accountability and
culture: information paper
APRA has released this report analysing the
self-assessments carried out by 36 of the country's largest
banks, insurers and superannuation licensees, in response to the
final report of the Prudential Inquiry into Commonwealth Bank of
Australia (CBA) (22 May 2019). More...
ASFA reminder: Recovering your unclaimed money
From the 27th June 2019 applications for unclaimed monies
under s254 of the Bankruptcy Act can be made directly to Australian
Financial Security Authority (AFSA) replacing the
current Court application process. An application form and further
information about the new process will be published closer to the
commencement date.
More...
ISA submissions
ISA submission on proposed revisions to Prudential
Standard SPS 515 - 29 May 2019.
More...
Gazette - Superannuation Industry (Supervision) Act 1993
29/05/2019
Notice of Disqualification – Kylie Parkes
28/05/2019
Notice of Disqualification - Karim Hwalla; Paul McGarry;
Sandra McGarry
23/05/2019
Notice of Disqualification - Cameron Maitland; Charles
Davis
20/05/2019
Notice of Disqualification - William Coleman; Anne Kehoe;
Samantha McMaster
Cases
Wigmans v AMP Ltd; Fernbrook (Aust) Investments Pty Ltd v
AMP; Wileypark Pty Ltd v AMP Ltd; Georgiou v AMP Ltd; Komlotex Pty
Ltd v AMP Ltd [2019] NSWSC
603
REPRESENTATIVE PROCEEDING – CIVIL PROCEDURE –
multiplicity of proceedings – whether commencement of
subsequent proceedings an abuse of process – application of
case management principles – consideration of relevant
factors to determine what is in best interest of overall group
members. The commencement of the competing representative
proceedings followed disclosures made during evidence given by AMP
executives at the Royal Commission into Misconduct in the Banking,
Superannuation and Financial Services Industry (Royal Commission)
on 16 and 17 April 2018, after which AMP's share price fell
sharply.
Hayter v Hyde [2019] FCCA
1396
INDUSTRIAL LAW – Small claims – whether
applicant entitled to instalments of superannuation while on
workcare – entitlement to payment under Level B6
classification of Hair and Beauty Award (2010) – relief
granted.
Bluescope Steel (AIS) Pty Ltd v Australian Workers'
Union [2019] FCAFC
84
INDUSTRIAL LAW – appeal – whether failure to
comply with s 50 of the Fair Work Act 2009 (Cth) and Item
15 of Sch 16 to the Fair Work (Transitional Provisions and
Consequential Amendments) Act 2009 (Cth)
SUPERANNUATION – history and purpose of superannuation regime
– whether the Superannuation Guarantee (Administration)
Act 1992 (Cth) and the Superannuation Guarantee Charge Act
1992 (Cth) impose a binding legal obligation to pay
superannuation – proper construction of s 6(1) of the
Superannuation Guarantee (Administration) Act 1992 (Cth)
– construction of "earnings in respect of ordinary hours
of work" – appeal allowed
Legislation
Commonwealth
Regulation
Governor-General
Superannuation Age Factors (Division 293 Tax Law) Determination
2019 (No. 1)
31/05/2019 - This instrument prescribes the age factors to
be used to calculate the pension payable under the Governor-General
Act 1974 where a member of the Governors-General Pension Scheme
elects to offset their Division 293 tax liability from their
pension.
Superannuation
(PSS) Maximum Benefits (2019-2020) Determination
2019
31/05/2019 - This determination sets new maximum benefits
for the Public Sector Superannuation (PSS) scheme
to apply for the financial year starting on 1 July 2019.
Superannuation
(PSS) Productivity Contribution (2019-2020) Determination
2019
31/05/2019 - This determination sets new productivity
contribution rates for the Public Sector Superannuation
(PSS) scheme to apply for the financial year
beginning on 1 July 2019.
Victoria
Statutory
Rules – 24 May 2019
State Superannuation (Revised Scheme Medical
Classifications) Regulations 2019 33/2019
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.