Australia: Inside track: Superannuation, Funds Management & Financial Services - In the media and in practice and courts

Last Updated: 6 September 2019
Most Read Contributor in Australia, October 2019

In the media

ASIC to review industry transition towards ending grandfathered remuneration for financial
ASIC is investigating the progress of transition away from grandfathered conflicted remuneration arrangements for financial advisers. The investigation will review the steps taken by industry participants from 1 July 2019 until the 2021 deadline (21 August 2019). More...

ASIC bans Superfunded director for eight years
ASIC found Mr Goldenberg (sole director of Superfunded Pty Ltd (Superfunded) had been involved in a contravention of financial services legislation and is not adequately trained, or competent, to provide financial services as he demonstrated a lack of professionalism, integrity, judgement, knowledge and diligence (21 August 2019). More...

Peak bodies respond to government roadmap
While many have welcomed the government's roadmap for implementing Commissioner Hayne's recommendations, bodies representing the superannuation industry are leading criticisms against the timetable 920 August 2019). More...

ISA: Millions of Australians still robbed of super as latest changes fall short
Legislation to close a loophole that lets employers rip off workers who try and do the right thing by contributing to their super through salary sacrifice is welcome, but doesn't go far enough Industry Super Australia says (19 August 2019). More...

One-in-two is extraordinary': report finds financial sector misconduct affects half the population
The most common problems cited in the survey are "inappropriate but not illegal" issues such as high fees, being offered credit cards or increases to credit limits when not requested, poor or misleading information and being charged for services that were never received (19 August 2019 ). More...

Taking action on the Banking, Superannuation & Financial Services Royal Commission Implementation Roadmap
The Treasurer announces the Implementation Roadmap setting out how the Government will deliver on its comprehensive response to the Royal Commission. It is a reform package that represents the largest and most comprehensive corporate and financial services law reform process since the 1990s when the Corporate Law Economic Reform Program began (19 August 2019). More...

FSC welcomes Royal Commission Implementation Roadmap
FSC welcomed the release of the Morrison Government's Royal Commission implementation roadmap, confirming the government's intent to act on all of the Commission's recommendations by the end of 2020 (19 August 2019). More...

Code Monitoring Australia submits proposal to ASIC
The FPA and a consortium of five other professional associations have filed a formal submission with the Australian Securities and Investments Commission (ASIC) on behalf of Code Monitoring Australia Pty Ltd (CMA) to advance a profession-wide solution to the monitoring of the FASEA Code of Ethics (19 August 2019). More...

NSW financial adviser banned for three years
According to ASIC, a review of advice Aujla provided as an authorised representative of Infocus Securities Australia and Chaucer Group revealed he failed to obtain adequate information from clients about their personal circumstances and recommended new insurance products without considering existing policies (16 August 2019). More...

AFCA raises issues based on complaints about Forex Financial Services
AFCA has received a high volume of complaints regarding services allegedly provided by Forex Financial Services (16 August 2019). More...

APRA opens margin requirement talks
Super funds and life insurers have two weeks to air their opinions on APRA's proposed amendments to its margin requirements for non-centrally cleared derivatives (15 August 2019). More...

Former financial advisor and consultant charged with dishonest conduct
Mark Damion Kawecki has been charged with five counts of dishonest conduct. ASIC alleges that Mr Kawecki submitted applications for shares which contained false or misleading information about the beneficial holder of those shares and/or false or misleading information about the applicant's address (12 August 2019). More...

Super trustees to formulate whistleblower policies
The corporate regulator is expecting superannuation trustees to have whistleblower policies in place 1 January 2020 (12 August 2019). More...

In practice and courts

Restoring trust in Australia's financial system: Financial Services Royal Commission implementation roadmap
Department of the Treasury (Australia); Government of Australia: 19 August 2019
The Morrison Government has released this strategy document to set out how the government will deliver on its response to the Royal Commission. The roadmap provides timelines for implementing the federal government's response, in an attempt to provide some clarity and certainty to consumers. More...

The impact of projections on superannuation contributions, investment choices and engagement
George Smyrnis, Hazel Bateman, Isabella Dobrescu, Benjamin Newell, Susan Thorp
ARC Centre of Excellence in Population Ageing Research: 16 August 2019
This report investigates the impact of retirement income projections on superannuation contributions, investment choices and engagement from fund members. More...

ASIC consultation: new guidance for companies on whistleblower policies
ASIC is calling for public input on its proposed guidance on the new legal obligation on companies to implement a whistleblower policy, which must be made available to their officers and employees by 1 January 2020. The Proposed Regulatory Guide Whistleblower policies explains how companies can establish, implement and maintain a policy. The consultation comments due by 18 September 2019. More...

FPA Submissions
ASIC – CP311: Internal dispute resolution – Update to RG 165
ASIC - 9 August 2019

ASFA Submissions
Submission to the Australian Securities and Investments Commission (ASIC)
ASFA response to ASIC's Consultation Paper 311 Internal Dispute Resolution: Update to RG 165
Full submission – 16 August 2019

Submission to the Senate Economics Legislation Committee
ASFA response to the inquiry into the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019
Full submission – 15 August 2019

AIST Policy News - 22 August 2019
Govt releases timeline on Royal Commission recommendations. ASIC to review progress on grandfathered remuneration ban APRA data highlights industry consolidation. More...

AIST Submissions

Tax Integrity Bill
15 August 2019 - AIST welcomes the changes which will remove loopholes which presently allow employers to reduce the Superannuation Guarantee (SG) entitlements of employees who use salary sacrifice arrangements. AIST suggests that the effectiveness of this measure could be enhanced by using gross remuneration as the basis of calculation of the SG. More...

APRA: Consultation on the Financial Sector (Shareholdings) Rules 2019
Following the changes to the FSSA, APRA released for consultation the Financial Sector (Shareholdings) Rules 2019 (FSSA Rules). The FSSA Rules will provide clarity to owners of new entrant financial sector companies on whether they are likely to be approved under the FSSA 'fit and proper' test. On 21 August 2019, after an eight-week consultation period on the Financial Sector (Shareholdings) Rules 2019 (FSSA Rules), APRA published:
Letter: Response to submissions Financial Sector (Shareholdings) Rules 2019 - August 2019
Financial Sector (Shareholdings) determination No.1 of 2019
Financial Sector (Shareholdings) determination no. 1 of 2019 Explanatory Statement

IASB proposed amendments to IFRS 3 Business Combinations
The amendments would update a reference to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations. IFRS 3 specifies how a company should account for the assets and liabilities it acquires when it obtains control of a business. View the Exposure Draft Reference to the Conceptual Framework, Submit your comment letters here. Comments close 27 September 2019

ASIC consultation: foreign financial services providers relief proposals
CP 301 sets out a proposal to enable foreign providers to apply for a modified form of Australian financial services (AFS) licence (foreign AFS licence). This follows ASIC's review of the regulatory settings behind our foreign providers relief. The current foreign provider licensing relief due to sunset on 27 September 2018, will be extended until 30 September 2019 while we consult with stakeholders.

ASIC CP 300 Approval and oversight of compliance schemes for financial advisers
The proposals in CP 300 Approval and oversight of compliance schemes for financial advisers. More...

Current AFCA Matters – July 2019
Digital Rebl Pty Ltd and Media Rebl Pty Ltd
Forex Capital Trading Pty Ltd
AGM Markets Pty Ltd
Berndale Capital Securities Pty Ltd
Bestjet Travel Pty Ltd (Bestjet)
Viewble Media and The Shoppers Network

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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