In the media
Govt uses super legislation to impose portfolio holdings
change
MEFIA - 18 February 2021 - In what represents a hook in
the Government's Your Future Your Super legislation, it has
moved to impose portfolio holdings requirements on superannuation
funds. More...
Your future, your Super reforms introduced into
parliament
TREASURY - 17 February 2021 - The Morrison Government has
introduced legislation into parliament to ensure the superannuation
system works harder for all Australians. The Your Future, Your
Super package is scheduled to commence on 1 July 2021. More...
Industry funds rail against Government 'kill
switch'
MEDIA - 17 February 2021 - Industry superannuation funds
are accusing the Government of unprecedented legislative over-reach
within its Your Future Your Super legislation particularly around
powers to ban superannuation fund investment and expenditure
decisions. More...
Government's superannuation package likely to cause
consumer harm without substantial changes
AIST - 17 February 2021 - The Government's Your Future
Your Super legislation - introduced into Parliament - will not
achieve its objectives and may cause consumer harm, the Australian
Institute of Superannuation Trustees (AIST)
warned. More...
Revisions proposed to Insurance in Super voluntary
code
MEDIA - 16 February 2021 - The vulnerable members
provisions of the Insurance in Superannuation Voluntary Code of
Practice have been amended by three major lobby groups covering the
superannuation industry. More...
APRA outlines super work targets
MEDIA - 15 February 2021 - The Australian Prudential
Regulation Authority is working towards publishing enhanced data on
group insurance some time next year, Deputy Chairman Helen Rowell
said in a speech. More...
AIST submission: Draft Prudential Standard CPS 511
Remuneration
AIST - 12 February 2021 - AIST is concerned that the
content of the revised draft Standard is overly focused on issues
related to ADIs and APRA-regulated insurance entities and does not
consider the different remuneration features of RSE licensees.
More...
ASIC update: Compensation for financial advice related
misconduct as at 31 Dec 2020
ASIC - 12 February 2021 - Six of Australia's largest
banking and financial services institutions have paid or offered a
total of $1.24 billion in compensation, as at 31 December 2020, to
customers who suffered loss or detriment because of fees for no
service misconduct or non-compliant advice. More...
Tax Office reveals early super fraud numbers
MEDIA - 11 February 2021 - The ATO has released estimates
around the rates of fraud through the early release of super
scheme, while a taskforce has launched six operations into
potential violations. The Serious Financial Crime Taskforce has
estimated the attempted fraud rate on early super applications came
to 0.05 per cent. More...
Government faces rare coalition of forces opposing its
super changes
MEDIA - 11 February 2021 - The Government is being accused
of regulatory over-reach via its Your Future Your Super legislation
with industry, particularly the sections imposing a best financial
interest duty on superannuation fund trustees while delivering
significant discretionary powers to the minister. More...
ASFA calls for measures to improve the equity of
superannuation
ASFA - 10 February 2021 - The ASFA Pre-Budget Submission
released today focuses on the findings of the Retirement Income
Review (RIR) on equity in the system. While the RIR found
Australia's retirement income system is effective, it made a
number of observations about the fairness of current tax
concessions for superannuation and the amount of support provided
to higher-income earners. More...
Royal commission showed culture trumps rules: Aus
Ethical
MEDIA - 09 February 2021 - The second anniversary of the
release of the final report from the royal commission, where 76
recommendations for reforms across government, regulators and the
financial services industry were made. The opposition, legal firms
and consumer bodies have criticised the government for failing to
implement all of the changes in the time since. More...
APRA releases 2020 Year in Review
APRA - 05 February 2021 - The APRA has released
its 2020 Year in Review document. In a year that
was heavily impacted by COVID-19, the publication provides an
overview of how APRA went about fulfilling its mandate as a
forward-looking safety regulator for Australia's financial
system. More...
In practice and courts
ASIC Papers open for public comment
CP 334 Proposed changes to simplify the ASIC
Derivative Transaction Rules (Reporting): First consultation
Comments close 1 March 2021. More...
ASIC regulatory documents
11/02/2021 ASIC Derivative
Transaction Rules (ADI Foreign Subsidiaries) Class
Exemption 2021/51
Exemptive relief under the ASIC Derivative Transaction Rules (Reporting)
2013 allowing ADI foreign subsidiaries to apply an
alternative test for reportable transactions and reportable
positions 'entered into by the reporting entity in this
jurisdiction'.
09/02/2021 CP 338 Remaking ASIC class order on
parent entity financial statements
Attachment to CP 338: Draft instrument
Sets out ASIC's proposals to remake Class Order [CO 10/654] Inclusion of parent entity financial
statements in financial reports, due to sunset on 1 April 2021.
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 weekly data on the superannuation early release
scheme
The APRA has published the latest industry-level and
fund-level data on the temporary early release of superannuation
scheme. The Early Release Initiative statistics for applications
received between 20 April - 31 January 2021 are available on the
APRA website at: COVID-19 Early Release Scheme (08
February 2021).
AFCA COVID-19 complaints snapshots
COVID-19 complaints snapshot - 3 March
2020 to 31 January 2021
ASFA Submissions
10 February 2021 Pre-Budget Submission
Cases
Westpac Securities Administration Ltd v
Australian Securities and Investments
Commission [2021] HCA
3
Corporations - financial services - where appellants had contacted
members of superannuation funds of which they are trustees,
advising each to accept offer to roll over their external
superannuation accounts into their account with appellants - where
s 766B(3)(b) of Corporations Act 2001 (Cth) defines "personal
advice" to include "financial product advice" given
or directed to person in circumstances where a reasonable person
might expect provider to have considered one or more of that
person's objectives, financial situation and needs - whether
financial product advice given by appellants to members personal
advice within meaning of s 766B(3)(b).
Corporations Act 2001 (Cth), ss 766B(3), 766B(4), 949A(2)(a).
Legislation
Commonwealth
Bills
Treasury Laws Amendment (Your Future, Your
Super) Bill 2021
Introduced HR 17/02/2021 - Schedule 1 to the Bill amends the SGAA
to limit the creation of multiple superannuation accounts for
employees who do not choose a superannuation fund when they start a
new job.
Schedule 2 to the Bill amends the SIS Act to require APRA to
conduct an annual performance test for MySuper products and other
products to be specified in regulations.
Act Compilation
Superannuation (Unclaimed Money and Lost
Members) Act 1999
11/02/2021 - Act No. 127 of 1999 as amended.
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.