In the media
Role of adviser changing, Macquarie report shows
The role of the financial adviser is changing due to
increased client expectations and technological advances, Macquarie
said in its 2018 Accounting and Financial Services Benchmarking
Report (7 September 2018).
More...
ASIC confirms super advice scrutiny
The Australian Securities and Investments Commission
(ASIC) has confirmed that advice within
superannuation will come under scrutiny in 2018-19. The regulator
has confirmed its intentions in its Corporate Plan,
announcing a new project specifically aimed at examining the
quality of financial advice in superannuation. See the
ASIC's Corporate Plan 2018-22
here (7 September 2018).
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ASIC reviews insurance in superannuation
The Australian Securities and Investments Commission
(ASIC) has released a report on the provision of
insurance cover through superannuation. ASIC Deputy Chair, Peter
Kell, said that while some improvements were being introduced by
trustees, there was considerable work to do to raise standards in
the areas covered by the review. See the report
here (7 September 2018).
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Scrapping pension age increase a win for older workers:
AIST
The Australian institute of Superannuation Trustees
(AIST) has welcomed an announcement by Prime
Minister, Scott Morrison, that the Government will not proceed with
its policy to raise the access age for the age pension to 70 years
(6 September 2018).
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ASIC accepts EU from adviser
ASIC has accepted a court-enforceable undertaking
(EU) from former MyPlanner Australia Pty Ltd
adviser, James Phillip Allen, after it was found that he failed to
act in the best interest of his clients (5 September 2018).
More...
Australians voting with their feet when it comes to
super – new data
New APRA data shows a wave of Australians shifting their
retirement savings into consistently high-performing industry super
funds (29 August 2018).
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Government to shelve industry super board changes
The Government is effectively shelving changes to industry
super boards that would require independent directors, focusing
instead on the scandals plaguing for-profit funds (28 August 2018).
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Lawyers recommend NAB and CBA face criminal charges over
treatment of super customers
Lawyers for the banking royal commission recommend the
Commonwealth Bank and the National Australia Bank face criminal
charges over their treatment of superannuation customers (25 August
2018).
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In practice and courts
APRA superannuation statistics June 2018
APRA releases superannuation statistics for June 2018 (28
August 2018).
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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 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 are available on APRA's website.
More...
Cases
H.E.S.T. Australia Limited v Inkley
[2018] SASC 127
SUPERANNUATION - Private sector funds - amendment of trust
deed.
SUPERANNUATION - Industry supervision.
SUPERANNUATION - Private sector funds - trustees - powers and
duties.
EQUITY - Trusts and trustees - powers, duties, rights and
liabilities of trustees - miscellaneous other powers, duties and
liabilities - power to amend trust deed.
Application for order under section 59C of the Trustee Act
1936 (SA) varying the terms of the Health Employees
Superannuation Australia Trust.
1. The Court has jurisdiction to make the order and should exercise
the discretion to entertain the application (at [24]-[26]).
Corporations Act 2001 (Cth); Income Tax Assessment Act
1936 (Cth); Income Tax Assessment Act 1997 (Cth);
Superannuation Industry (Supervision) Act 1993 (Cth) ss
52, 56-58, 59A , 63, 103-105, 109, 243; Superannuation Industry
(Supervision) Regulations 1994 (Cth) regs 6.17A, 4.02A; Trustee
Act 1936 (SA) s 59C.
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.
