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.
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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.
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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.
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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.
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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.