In the media
ISA warns Government's move 'too
broad'
MEDIA – 12 July 2018 - The Federal Government's
move make insurance inside superannuation "opt-in" for
under 25s is too broad and could leave millions of Australians
excluded from default insurance, according to Industry Super
Australia.
More...
Royal Commission confirms superannuation start
date
MEDIA – 12 July 2018 - The Royal Commission into
Misconduct in the Banking, Superannuation and Financial Services
Industry has confirmed that it will begin its
superannuation-focused hearings in Melbourne on 6 August.
More...
ISWG was 'ineffectual' says law firm
MEDIA – 10 July 2018 - The Insurance inside
Superannuation Working Group (ISWG) has been
slammed by plaintiff law firm Maurice Blackburn for its inability
to impose a compulsory code of conduct on either insurers or
superannuation funds.
More...
Super secret: The merger the boss didn't know was
happening
MEDIA – 09 July 2018 - The merger of AustSafe Super
and Sunsuper raises questions about the dealings of superannuation
powerbrokers, whose decisions on what to pay for assets and how to
manage them impacts all Australians through the costs of services
we rely on.
More...
Advice groups release FASEA submissions
MEDIA – 06 July 2018 - The Financial Planning
Association (FPA) and the Association of Financial
Advisers (AFA) have made public their proposed
list of changes to FASEA's adviser education standards.
More...
Cutting red-tape for self-managed superannuation
funds
TREASURY - 06 July 2018 - The Turnbull Government is
cutting red tape and reducing the compliance burden for
self-managed superannuation funds (SMSFs) that
have a history of good record keeping and compliance.
More...
ASIC accepts court enforceable undertakings from CBA and
ANZ over superannuation product distribution
ASIC – 05 July 2018 - ASIC has accepted court
enforceable undertakings from the Commonwealth Bank of Australia
and Australia and New Zealand Banking Group under which the banks
have agreed to change the way they distribute superannuation
products to their customers.
More...
ASIC requires compliance with restrictions on use of
'independent'
ASIC – 05 July 2018 - ASIC is continuing to monitor
the financial advice industry's use of restricted terms
'independent' and 'independently owned', taking
steps to intervene when it identifies concerns. Following
surveillance of industry websites, ASIC has required four financial
advice companies to cease and amend false claims of independence
that could mislead consumers.
More....
Superannuation catch-up measure commences
TREASURY - 05 July 2018 - From 1 July 2018, millions of
individuals with balances below $500,000 will be able to 'catch
up' on their retirement savings by accessing unused portions of
their concessional contributions cap. This measure completes the
implementation of the comprehensive suite of measures in the
2016-17 Budget to improve the fairness and flexibility of the
superannuation system.
More...
ASIC takes action on 'independence' claims
MEDIA – 05 July 2018 - Financial Spectrum, James
Gerrard (authorised representative of Australian Financial Advisory
Group), PWK Private Wealth Advisors (AR of Paragem) and Debbie
Hudson Financial Services (trading as Wealth Fusion) have been
forced to amend "false claims of independence" by ASIC.
More...
APRA continues Stronger Super review
MEDIA – 05 July 2018 - The prudential regulator has
released two further papers as part of its post-implementation
review into the prudential framework of superannuation.
More...
AFCA already failing super industry on rules
MEDIA – 03 July 2018 - The rules and operational
guidelines which will be utilised by the Australian Financial
Complaints Authority (AFCA) need to be released as
soon as possible to enable superannuation funds to accomplish what
represents a major and expensive transition, according to the
Association of Superannuation Funds of Australia
(ASFA).
More...
In practice and courts
APRA releases further short papers for its review of the
prudential superannuation framework
See
Short topic paper three: Financial requirements, operational risk
and outsourcing and
Short topic paper four: Investments (04 July 2018).
More...
New prices for ASIC regulatory services
The fees ASIC charges for specific regulatory activities
have changed to reflect the actual cost to ASIC associated with the
work. In most cases this has resulted in a fee increase. The
Government passed required legislation on 28 June 2018. New pricing
is effective 4 July 2018.
ASIC's 'fees for service' impact a range of industry
stakeholders including Australian credit licensees, Australian
financial services (AFS) licensees, market
infrastructure providers, responsible entities, registered
liquidators, and companies (06 July 2018).
More...
APRA: Review of the superannuation prudential
framework
The aim of the review is to ensure the prudential and
reporting standards, and related guidance, have achieved their
objectives and continue to remain fit for purpose. To commence this
review, APRA today released the first of a series of consultation
papers on aspects of the prudential framework. APRA invites written
submissions on all consultation papers by 26 September 2018. Copies
of the
consultation papers released today are available on APRA's
website.
More...
AIST Submissions
04 July 2018 - AFCA Rules
There are several issues that must be addressed to ensure
that AFCA will be an efficient and effective dispute resolution
body. More...
ASFA Submission
Submission to the Senate Economics Legislation
Committee
ASFA response to the Committee's inquiry into the Treasury
Laws Amendment (Protecting Your Superannuation Package) Bill
2018 (the Bill).
Full Submission
Attachment A
Gazette - Superannuation Industry (Supervision) Act
1993
10/07/2018: Notice of Disqualification
– Kristy Viney; Damien Viney
Legislation
Commonwealth
Regulation
Superannuation
Supervisory Levy Imposition Determination 2018
02/07/2018 - This determination relates to a levy imposed
by the Superannuation Supervisory Levy Imposition Act 1998
on superannuation entities for the 2018-19 financial year.
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