In the media
FPA highlights shifts in consumer behaviour and the
importance of universal access to financial advice in the "new
normal"
FPA – 16 September 2020 -
Australians are making long term changes in their
spending behaviour to minimise the impact of COVID-19 on their
finances, according to CoreData research presented at The Financial
Planning Association's (FPA) keynote event
held earlier this month.
More...
Intrafund advice must leave clients better off says
ASIC
MEDIA - 15 September 2020 - Intrafund advice needs to pass
the test of having left the client better off, according to the
Australian Securities and Investments Commission
(ASIC).
More...
We have the power to obtain documents says ASIC
MEDIA – 14 September 2020 - Financial services
companies cannot necessarily rely on claims of legal privilege,
with the ASIC using recent Federal Court decisions, including one
against IOOF's RI Advice, to reinforce the manner in which it
has a right to access documents held by companies (14 September
2020).
More...
NAB hit with $57.5m penalty
MEDIA - 14 September 2020 - The court also found that MLC
and NULIS misled members and deducted approximately $71.9 million
plan service fees from around 457,000 members of MasterKey Personal
Super linked to plan advisers where plan advisers were not required
to provide services and members did not receive services or any
services they could not otherwise obtain for free.
More...
Reviews of judicial impartiality and the legislative
framework for corporations and financial services regulation
ATTORNEY-GENERAL – 11 September 2020 - Morrison
Government has referred two matters to the Australian Law Reform
Commission for review. First, on the issue of judicial
impartiality, and the second, a review of the legislative framework
for corporations and financial services regulation.
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Govt urged to include unpaid SG in FEG
MEDIA - 08 September 2020 - Unpaid superannuation
guarantee (SG) contributions should become part of
the Government's Fair Entitlements Guarantee
(FEG), according to the Association of
Superannuation Funds of Australia.
More...
In practice and courts
Retirement income review modelling - fiscal
results
Rice Warner; Industry Super Australia: 14 September
2020
Industry Super Australia, in the context of the federal
government's Retirement Income Review, commissioned this
research from Rice Warner to assess the impacts of various policy
options utilising their comprehensive econometric model of the
Australian superannuation system. More...
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 (14 September 2020).
More...
APRA frequently asked questions on MySuper Product
Heatmap
Frequently asked questions (FAQs) concerning the release
of the 2020 MySuper Product Heatmap in December 2020. The new FAQs
are available on the APRA website
here.
APRA reminder: Superannuation licensees on upcoming
legislative obligations
Registrable superannuation entity licensees are reminded
of two key regulatory requirements - to undertake a Business
Performance Review by 31 December 2020, and an outcomes assessment
by 28 February 2021. View the letter
here.
ATO: COVID-19 early release of super
Information about the eligibility and application process
for the COVID-19 early release of super scheme until 30 June 2020
for the 2019-20 year and between 1 July 2020 and 24 September 2020,
for the 2020–21.
More...
ASIC
Corporations, Superannuation and Credit (Amendment)
Instrument
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.
AIST Policy News
Policy News - 10 September 2020
10 September 2020 - Profit-to-member funds, ISPT and ISH appear
before Parliamentary hearing & more
Cases
Australian Securities and Investments Commission v MLC
Nominees Pty Ltd [2020] FCA
1306
CORPORATIONS – admitted contraventions of the
Corporations Act 2001 (Cth) and the Australian Securities and
Investments Commission Act 2001 (Cth) (the ASIC Act) related to the
charging and deductions of fees and representations about the right
to charge fees from members of superannuation funds –
imposition of penalties pursuant to s 12GBA of the ASIC Act –
where quantum of penalties is contested
While MLC Nominees Pty Ltd (MLC Nominees) was trustee of The
Universal Super Scheme, MLC Nominees failed to do all things
necessary to ensure that the financial services covered by its
Australian Financial Services Licence Number 230702 were provided
efficiently, honestly and fairly, and thereby contravened s
912A(1)(a) of the Corporations Act 2001 (Cth) (the Corporations
Act).
Legislation
Commonwealth
Superannuation
Amendment (PSSAP Membership) Act 2020
09/09/2020 - Act No. 86 of 2020
Treasury
Laws Amendment (Your Superannuation, Your Choice) Act
2020
08/09/2020 - Act No. 80 of 2020 as made
Treasury Laws Amendment (2020 Measures No. 2) Bill
2020
Assent Act no: 79 Year: 2020 03 September 2020
Amends the: Income Tax Assessment Act 1997 to: Amend the hybrid
mismatch rules inckuding International Finance Corporation Act 1955
and International Monetary Agreements Act 1947 to: Establish
frameworks under which Australia may enter into agreements with the
International Bank for Reconstruction and Development and the
International Finance Corporation of the World Bank Group to buy
additional shares of their respective capital stocks; and authorise
appropriations from the Consolidated Revenue Fund for the purposes
of such payments.
See Treasury
Laws Amendment (2020 Measures No. 2) Act 2020
Act No. 79 of 2020 as made
Regulation
ASIC
Corporations and Credit (Repeal) Instrument
2020/839
14/09/2020 - This instrument repeals the ASIC Corporations
(Concept Validation Licensing Exemption) Instrument 2016/1175 and
the ASIC Credit (Concept Validation Licensing Exemption) Instrument
2016/1176.
Anti-Money
Laundering and Counter-Terrorism Financing Rules Amendment
Instrument 2020 (No. 4)
14/09/2020 - The purpose of the Anti-Money Laundering and
Counter-Terrorism Financing Rules Amendment Instrument 2020 (No. 4)
(the Amendment Instrument) is to amend Chapter 77 of the AML/CTF
Rules.
Australian
Prudential Regulation Authority (confidentiality) determination No.
2 of 2020
09/09/2020 - This instrument provides that information
given to the Australian Prudential Regulation Authority under
Reporting Standard ARS 923.2 Repayment Deferrals is
non-confidential.
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.