In the media
NAB makes corrective disclosure to customers about
relationships within its wealth management business
ASIC – 07 July 2017 - An ASIC investigation of a number of
advice licensees within the National Australia Bank Group
(NAB Group), for failing to disclose relationships
between advisers, advice licensees, and other members of the NAB
Group that issue investment products, has resulted in corrective
disclosure being made to customers.
More...
AustralianSuper 'not concerned' about bank
tax
MEDIA – 06 July 2017 - The country's biggest
superannuation fund has not changed its view on investing in banks
as a result of the federal government's major bank tax, despite
bank claims the policy will hit all Australians' retirement
savings.
More...
ASIC warns investors not to engage with
'Skyllex'
ASIC – 06 July 2017 - ASIC is warning the public not to use a
website which promotes financial investments offered by
'Skyllex', a company incorporated in Australia. Although
Skyllex has been issued with a Certificate of Registration by ASIC,
it does not have an Australian financial services
(AFS) licence and it is not authorised by an AFS
licensee to provide financial services.
More...
ASIC wins case against former AMP adviser
ASIC – 06 July 2017 - The Administrative Appeals Tribunal has
upheld ASIC's permanent ban of former AMP financial adviser
Rommel Panganiban. Mr Panganiban was found to have advised 49
clients who held risk insurance through their AMP super fund to
cease their existing AMP policy and replace them with an
alternative AMP insurance policy, pocketing the commission.
More...
(ASIC) More...
FPA education proposal receives member
approval
MEDIA – 06 July 2017 - The FPA's proposal for a 100-point
system to the new Financial Adviser Standards and Ethics Authority
has received broad support from its members. The FPA
proposed a points system whereby 100 points means the adviser
meets the new qualification requirement.
More...
FSC renews calls for super competition
MEDIAC – 05 July 2017 - The Financial Services Council
(FSC) has called for the implementation of
competition reforms in Australia's superannuation sector,
saying that increased competition would save consumers $292 million
in super fees
More...
ASIC finds lack of superannuation
transparency
MEDIAC – 05 July 2017 - ASIC has found that 21 super fund
trustees have failed to meet transparency information
(TI) requirements on their websites, following an
earlier review as part of the Stronger Super reforms. Under s29QB
of the Superannuation Industry (Supervision) Act 1993
(SIS Act), each superannuation fund must disclose
TI on a website and keep it up-to-date at all times.
More...
'Wealthy minority': offset mortgages balance
debt boom
MEDIA – 05 July 2017 - Rich Australians with mortgage offset
accounts are balancing out the nation's record household debt
levels, but poorer borrowers on interest-only mortgages are facing
increasing risks, according to Morningstar.
More...
Sedgwick missed bank culture issues, Senate
hears
MEDIA – 04 July 2017 - A Senate committee will consider
further investigation into a "powerful driver of frontline
behaviour" by bank staff that harmed employees and consumers
and was missed by the Sedgwick review (04 July 2017).
More...
ASIC acts to improve transparency of super
websites
ASIC – 04 July 2017 - ASIC has intervened in relation to 21
superannuation trustees, representing 15 per cent of the trustee
population, to improve 'Transparency Information'
(TI) on their super fund websites. Under s29QB of
the Superannuation Industry (Supervision) Act 1993
(SIS Act), each superannuation fund must disclose
TI on a website and keep it up to date at all times.
More...
ASIC takes interest in super funds
MEDIA – 04 July 2017 - The ASIC has released a report on its
review of consumers' engagement with their superannuation
funds, which focused on the experience of less-engaged super fund
members. According to the Deputy Chairman of ASIC, Peter Kell, the
review sets out key principles that could help improve member
experience of superannuation as well as pointing to some areas for
improvement. ASIC's report on its review can be accessed at
this
PS News link.
More...
FSC life insurance code takes effect
MEDIA – 30 June 2017 - The FSC has set up an independent body
to ensure members comply with its Life Insurance Code of Practice,
which took effect on 1 July (03 July 2017).
More...
ASIC finds poor conduct with superannuation
trustees
MEDIA – 03 July 2017 - ASIC has released a report in which it
has identified a number of unfair practices of superannuation funds
that would have resulted in detrimental customer outcomes. In its
Member experience of superannuation report released last
Friday, ASIC found instances relating to poor disclosure where
members' insurance cover had ceased or changed without adequate
forewarning by the superannuation trustee.
More...
Super review moves to final stage
The federal government has announced the start of the final stage
of the Productivity Commission's review into Australia's
superannuation system to assess its efficiency and dissect whether
issues such as the current default settings are appropriate (04
July 2017).
More...
Review into the efficiency and competitiveness of the
superannuation system commences
MEDIA– 30 June 2017 - The Turnbull Government has taken
further action to ensure Australia's superannuation system is
as efficient and competitive as possible with the release of the
Terms of Reference for the Productivity Commission's system
wide review.
More...
ASIC releases superannuation member experience
report
ASIC – 30 June 2017 - ASIC has today released a report about
our review of key aspects of consumer engagement with their super
funds, focusing on the experience of less-engaged superannuation
fund members.
More...
(Report) More...
APRA's powers are limited, warns
Byres
MEDIA – 29 June 2017 - The prudential regulator has reminded
a parliamentary inquiry that it does not have oversight of the
entire Australian financial system.
More...
AIST calls for online form improvements
MEDIA – 29 June 2017 - The Australian Institute of
Superannuation Trustees (AIST) has welcomed the
digitisation of superannuation choice forms by the Australian
Taxation Office (ATO), while stipulating employees
should have clear visibility of their employer's default fund
within the new online system.
More...
Default fund must be named on new superannuation Choice
online form
AIST – 28 June 2017 - AIST has welcomed the digitization of
superannuation choice forms but expressed concerns that important
consumer protections could be overlooked as part of the process (28
June 2017).
More...
Justification needed for interest rate
movements
MEDIA – 27 June 2017 - Banks need to justify their decisions
to increase interest rates, says the Finance Brokers Association of
Australia (FBAA). Executive director Peter White
says interest rate movement has seen some investor and interest
only loans increase by as much as 66 basis points, some since the
federal budget was handed down in May, but there has been little
explanation as to why.
More...
New super regime prompts ASIC SOA
extension
MEDIA – 27 June 2017 - Following the release of a new
legislative instrument by ASIC yesterday, financial advisers would
have more time to provide retail clients with a statement of advice
(SOA) as they navigated the transition to the new
superannuation regime.
More...
ASIC extends super SOA deadline
MEDIA– 26 June 2017 - The corporate regulator has announced
it will extend the time advisers have to provide clients with a
statement of advice (SOA) relating to
superannuation. The relief will apply to superannuation-related
personal advice where the advice is requested and provided before 1
July 2017. More...
In practice and courts
ASIC Corporations (Urgent Superannuation Advice)
Instrument 17-530 (the Instrument)
This instrument temporarily extends the time financial advisers
have to provide retail clients with a Statement of Advice
(SoA) under s946C of the Corporations Act, to
provide a SoA when or as soon as practicable after personal advice
is provided to a retail client.
The relief gives financial advisers up to 30 days to provide a SoA
for personal advice provided to retail clients about a
superannuation product in connection with the changes in laws
regulating superannuation as a result of the Treasury Laws
Amendment (Fair and Sustainable Superannuation) Act 2016 where
the advice is requested and provided before 1 July
2017 (26 June 2017).
More...
ASIC Class Order [CO 12/749] Relief from the Shorter PDS
regime
The class order relief was due to expire on 30 June 2017. The class
order provides interim relief, until 30 June 2018, to exclude
multifunds, superannuation platforms and hedge funds from the
disclosure requirements of the shorter Product Disclosure Statement
(PDS) regime under Part 7.9 of the
Corporations Regulations 2001 (29 June 2017).
More...
ASIC clarifies its position on the use of
'independently owned' under s923A
ASIC has clarified its position on the use of restricted terms
relating to the independence of financial advisers after seeking
external legal advice on whether phrases such as 'independently
owned' are restricted terms under s923A of the Corporations Act
(the Act). Section 923A provides that financial
service providers can only use certain restricted words and
expressions if they do not receive commissions, volume-based
payments, or other gifts or benefits, and operate without any
conflicts of interest (27 June 2017).
More...
FPA: Superannuation
The ATO has released a range of the materials to assist financial
planners and clients with the superannuation changes commencing 1
July 2017. Two videos with ATO Superannuation Deputy Commissioner
James O'Halloran discussing the key things individuals
and SMSFs
need to be aware of. More...
ACCI: Key Super Changes from 1 July 2017
Key Super Changes from 1 July 2017: A message from ACC Australia
Corporate Partner HSBC (06 July 2017). More...
AASB: End of an era
The 30 June 2017 marks the end of the AAS series of accounting
standards, with AAS 25 Financial Reporting by Superannuation Plans
being superseded by AASB 1056 Superannuation Entities from the
current financial year. The accounting profession's Standards
were first labelled as AAS Standards in 1979, and officially
identified as 'Australian Accounting Standard AAS X' from
1989, with the issue of AAS 1 Profit and Loss or other Operating
Statements.
AustralianSuper 'not concerned' about tax on
banks
Date: 06/07/2017 - Collection: Media - ID: media/pressclp/5377379
- Source: Canberra Times - Author: YEATES, Clancy (06 July
2017).
ASFA submissions
29 June 2017: Submission to The Treasury - Response to
Consultation on the establishment, merits and potential design
of a compensation scheme of last resort and the merits and issues
associated with providing access to redress for past disputes.
More...
26 June 2017: Submission to The Treasury - Discussion Paper on
Proposed Financial Institutions Supervisory Levies for
2017–18.
More...
FPA: Superannuation
The ATO has released a range of the materials to assist financial
planners and clients with the superannuation changes commencing 1
July 2017. More...
Reminder: Transition period for updated fee and cost
disclosures
ASIC has
extended the transition period for trustees of superannuation
funds and responsible entities of managed funds and other managed
investment schemes (issuers) to comply with
updated fee and cost disclosure requirements in relation to product
disclosure statements (PDSs), until 30 September
2017.
Cases
Moore and Commissioner of Taxation (Taxation) [2017] AATA
998
TAXATION – superannuation – excess contributions
tax – excess concessional contributions – modifications
for defined benefit interests - excess non-concessional
contributions – Commissioner's discretion to disregard
contributions or to allocate to another financial year –
whether Commissioner may make determination – whether there
are special circumstances.
Superannuation (Excess Concessional Contributions Tax) Act
2007 (Cth), ss 4, 5; Superannuation (Excess
Non-concessional Contributions Tax) Act 2007 (Cth), ss 4,
5.
Legislation
NSW
Regulations and other miscellaneous
instruments
State Authorities Non-contributory Superannuation Amendment
(Australian Registry Services Pty Ltd) Order 2017
(2017-337) — published LW 5 July 2017.
State
Authorities Non-contributory Superannuation Amendment (Keolis
Downer Hunter Pty Ltd) Order 2017
(2017-340) — published LW 5 July 2017.
State Authorities Superannuation Amendment (Australian Registry
Services Pty Ltd) Order 2017
(2017-338) — published LW 5 July 2017.
State
Authorities Superannuation Amendment (Keolis Downer Hunter Pty Ltd)
Order 2017
(2017-341) — published LW 5 July 2017.
Superannuation Amendment (Australian Registry Services Pty Ltd)
Order 2017
(2017-339) — published LW 5 July 2017.
Queensland
Subordinate legislation as made
No 104:
Superannuation (State Public Sector) (Scheme Membership) Amendment
of Deed Regulation 2017
- Superannuation (State Public Sector) Act 1990 –
30 June 2017.
No 105: Superannuation Legislation (Scheme Membership) Amendment Regulation 2017 - Local Government Act 2009, Superannuation (State Public Sector) Act 1990 – 30 June 2017.
Victoria
Acts
Superannuation Amendment (PSSAP Membership) Act
2017
(No. 68/2017) Assent: 23/06/2017.
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