In the media
Super fund offers made to employers as default fund allowed
MEDIA - 22 July 2021 - the prohibition of hawking superannuation funds only applies to offers made to retail clients, according to the corporate regulator. More...
Ian Silk calls Govt proxy proposal 'backwards'
step
MEDIA - 22 July 2021 - the proposal to require
superannuation funds to be independent of proxy advisers would
undermine the financial outcomes for super beneficiaries by
rendering this system less effective. More...
ASIC bans Gold Coast adviser and cancels AFS licence of
Trade Wind Financial Services
ASIC - 21 July 2021 - ASIC has banned former financial
adviser Adam John Bevan for five years from providing financial
services, controlling a financial services business. More...
ASIC consults on draft guidance for the hawking
reforms
ASIC - 21 July 2021 - ASIC is consulting on proposed
updates to its guidance on the prohibition on the hawking of
financial products. More...
ASIC releases reference checking and information sharing
protocol for financial advisers and mortgage brokers
ASIC - 21 July 2021 - ASIC has made the ASIC reference
checking and information sharing protocol (ASIC Protocol) that will
give effect to the Financial Services Royal Commissions
recommendations to improve reference checking in the financial
advice and mortgage broking industries. The Act, and the ASIC
Protocol, commence on 1 October 2021. More...
ASIC publishes Internal Dispute Resolution data
dictionary and glossary ahead of pilot
ASIC - 19 July 2021 - ASIC has released internal dispute
resolution reporting documents, which will be tested in a pilot
involving financial firms from across relevant industry subsectors
in late 2021. More...
Release of the Retirement Income Covenant position
paper
TREASURY - 19 July 2021 - the Government has released a
position paper on the retirement income covenant for public
consultation. The introduction of the retirement income covenant is
an important step in encouraging the further development of the
retirement phase of superannuation. More...
Budgeting provider MyBudget applies for ASFL
ASIC - 19 July 2021 - the application follows an
investigation by the corporate regulator after concerns unlicensed
financial services were being conducted during the COVID-19
pandemic when more consumers may face financial hardship. More...
Government releases new royal commission bills
MEDIA - 16 July 2021 - Treasurer Josh Frydenberg said new
legislation released by the government would implement a further
seven recommendations of the royal commission, including the
establishment of a compensation scheme of last resort. The laws
would also address the establishment of the Financial Executive
Accountability Regime, which extended the government's existing
BEAR framework to all APRA-related entities. Read the government
statement here. More...
ASIC finalises investigation into AMP Financial Planning
'fees for no service' criminal conduct
ASIC - 16 July 2021 - ASIC has finalised its investigation
into the alleged fees-for-no-service conduct by AMP Financial
Planning Pty Limited (AMP Financial Planning) arising from its
Buyer of Last Resort Policy. More...
In practice and courts
Treasury consultation: Retirement Income Covenant
position paper
The covenant will codify the requirements and obligations
for superannuation trustees to improve retirement outcomes for
individuals, while enabling choice and competition in the
retirement phase. The Government will consult further on exposure
draft legislation later this year. Subject to the passage of
legislation, this covenant will commence from 1 July 2022. The
paper is available on the Treasury website, with consultation closing 6
August 2021.
Treasury consultations
Exposure draft legislation to implement a further seven
recommendations of the Banking, Superannuation and Financial
Services Royal Commission. The legislation will establish the
Compensation Scheme of Last Resort (recommendation 7.1) and the
Financial Accountability Regime (recommendations 3.9, 4.12, 6.6,
6.7 and 6.8).
Financial Accountability Regime - July
2021
16 July 2021 - 13 August 2021
Financial Services Royal Commission - Compensation
Scheme of Last Resort
16 July 2021 - 13 August 2021
ASIC Corporations (Amendment) Instrument 2021/381
Amends the ASIC Corporations (Auditor Independence) Instrument 2021/75 and ASIC Corporations (Parent Entity
Financial Statements) Instrument 2021/195 to change the repeal dates from April
2026 to April 2024.
ASIC consultation: Draft guidance for the hawking
reforms
'ASIC's guidance gives additional clarity on how
the changes may affect commercial practices, systems and processes.
All interested stakeholders have until 17 August to provide
feedback on CP 346. ASIC will publish its final guidance in
September 2021, ahead of the revised hawking prohibition commencing
on 5 October 2021 (21 July 2021). More...
ASIC Consultations: CP 340 Breach reporting and related
obligations
This consultation paper set out our proposals for
providing guidance to Australian financial services licensees and
Australian credit licensees (credit licensees) on the breach
reporting obligation that applies from 1 October 2021. The
obligations require these licensees to notify, investigate and
remediate breaches of the law in certain circumstances. More...
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 additional FAQs on the Superannuation Data
Transformation Phase 1 reporting standards
Included in the FAQs is a clarification on FAQ 1.09 for
the historical reporting requirements to confirm that this applies
to quarterly and annual reporting. APRA is releasing FAQs and
worked examples to clarify reporting issues raised by RSE
licensees. Please note that the APRA Connect test environment is available for
familiarisation and to practice data preparation and submission.
The FAQs are available on the APRA website at: Frequently Asked Questions - Superannuation Data
Transformation (16 July 2021).
APRA consultation on guidance in support of prudential
standard on remuneration
The draft Prudential Practice Guide CPG 511 Remuneration
sets out principles and examples of better practice to assist
banks, insurers and superannuation licensees comply with prudential
standard CPS 511 Remuneration, which will be finalised
later this year. The closing date for submissions on the draft CPG
511 is 23 July 2021.
Copies of the draft CPG 511 and a consultation letter at: Consultation on remuneration requirements for all
APRA-regulated entities.
AFCA Current Matters
Information for small businesses about the
collapse of Digital Rebl Pty Ltd and Media Rebl Pty Ltd
(Updated July 2021).
Legislation
Commonwealth
Acts Compilation
Superannuation Act 1990
12/07/2021 - Act No. 38 of 1990 as amended
Regulations
ASIC Corporations and Credit (Reference
Checking and Information Sharing Protocol) Instrument
2021/429
20/07/2021 - this instrument gives effect to the reference checking
and information sharing protocol for the purposes of the
Corporations Act 2001 and the National Consumer Credit Protection
Act 2009.
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.