In the media
Parliamentary committee questions adviser jail penalty
for record-keeping
MEDIA – 4 February 2021 – A Parliamentary
Committee has questioned why financial advisers should face the
risk of five years' jail for record-keeping failures under
legislation flowing from the Royal Commission into Misconduct in
the Banking, Superannuation and Financial Services due to be
debated by the Parliament.
More...
FPA calls for review of unsustainable ASIC levy as the
regulator seeks guidance on affordable advice
FPA – 3 February 2021 – The FPA has made six
recommendations in its Budget Submission 2021-22 aimed at
addressing the rapidly increasing cost of practicing as a financial
planner.
More...
Simplify super regulations: Actuaries Institute
MEDIA – 02 February 2021 – The Government
needs to simplify the country's superannuation regulations,
review areas where retirees need extra support, and legislate to
make the overall retirement income system objective clear,
according to the Actuaries Institute.
More...
TBCs and TSBs need attention to reduce super
complexity
MEDIA – 2 February 2021 – To reduce complexity
in retirement income, the government should remove or simplify the
transfer balance cap (TBC) proportional
indexation, reduce the number of total superannuation balance
(TSB) thresholds, and provide self-managed
superannuation fund advisers and administrators access to
Australian Taxation Office portals.
More...
Extend reference checking to management and boards says
FPA
MEDIA – 01 February 2021 – While the financial
advice industry was largely on the path to professionalism and
efficiency, background checks when hiring new advisers needs to be
more robust, ASIC said. People providing general advice or in
management and board positions should be subject to just the same
reference checking as financial advisers, according to the FPA.
More...
Risk, exec pay, super performance top APRA's
priorities
MEDIA – 01 February 2021 – APRA has signalled
its prime concerns for the year ahead, which include its
implementing the new remuneration standard, monitoring risk culture
and clamping down on lagging super funds.
More...
APRA releases its policy and supervision priorities for
2021
APRA – 01 February 2021 – The APRA has
released its policy and supervision priorities for the coming year.
Consistent with APRA's strategic objectives detailed in its
Corporate Plan, a key focus is to further enhance the resilience
and crisis readiness of Australia's financial system.
More...
RSE trustee board composition evolving
MEDIA – 01 February 2021 – In the last six
years, independent directors have gone from holding 5.2 per cent of
the total board positions at RSE licensees to 10.7 per cent of them
as at June 2020, says new APRA data.
More...
New super players appearing before House Economics
Committee
MEDIA – 01 February 2021 – New players in the
superannuation sector Future Super and Verve Super will be
scrutinised, along with Diversa Trustees, at the House of
Representatives Standing Committee on Economics public hearing this
Wednesday.
More...
SG rise opposite of what govt is doing for businesses:
Hume
MEDIA – 29 January 2021 – The superannuation
guarantee (SG) is legislated for 1 July but is the
opposite of what the government is doing in terms of lowering costs
to businesses to employ more people and to encourage wage rises,
according to Minister for Superannuation, Financial Services, and
the Digital Economy.
More...
Considered design required for timely changes to the
super system
FSC – 28 January 2021 – Parliament will very
soon have the opportunity to debate the Government's 'Your
Future, Your Super' reforms that were announced in the October
2020 Budget. More...
Australia: Revised prudential standard for insurance in
superannuation expected to take effect next 1 Jan
APRA – 27 January 2021 – The Australian
Prudential Regulation Authority has said that the revised
Prudential Standard, SPS 250 Insurance in Superannuation, is
expected to commence from 1 January 2022.
More...
COVID financial hit will follow young and low-income
earners to retirement without government intervention
AIST – 27 January 2021 – As is often the case
with economic downturns or natural disasters, the cost of the COVID
pandemic has been disproportionately borne by those least able to
afford it.
More...
In practice and courts
House of Representatives Committees Standing Committee
on Economics Superannuation Sector
Upcoming Public Hearings 03 February 2021: Canberra.
More...
ASIC Papers open for public comment
ASIC CP 335: Consumer remediation guidance
ASIC has released a consultation paper on proposed updates
to
Regulatory Guide 256: Client review and remediation conducted
by advice licensees. Consultation Paper 335 Consumer Remediation:
Update to RG 256 (
CP 335) includes clarification of RG 256's application to
all financial services licensees, credit licensees and
superannuation trustees. Submissions on CP 335 are due by 26
February 2021.
ASIC has also released
Making it Right: how to run a consumer centred remediation, a
resource that offers immediate help to licensees with the
day-to-day design and execution of consumer-centred
remediations
ASIC Regulatory Documents
ATO Alerts
ASIC Corporations, Superannuation and Credit (Amendment)
Instrument 2020/99
Amends the ASIC Corporations and Credit (Internal Dispute
Resolution — Transitional) Instrument 2019/965
to preserve ASIC's existing internal dispute resolution policy
in relation to complaints received by financial firms before 5
October 2021.
APRA reminder: Superannuation licensees on upcoming
legislative obligations
Registrable superannuation entity licensees are reminded
of two key regulatory requirements – to undertake a Business
Performance Review by 31 December 2020, and an outcomes assessment
by 28 February 2021. View the letter
here.
AIST Submissions
AIST 2021-2022 Pre-Budget Submission to the Minister for Housing
and Assistant Treasurer
29 January 2021 – The submission reiterates policy
recommendations made in recent years that remain unaddressed, and
makes proposals directly related to the interaction between the
superannuation system and the COVID-19-induced economic downturn.
This should include ensuring that Early Release of Super under the
Government's 2020 initiative is assessed, and fully audited and
reviewed.
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.