In the media
All Australians will benefit from 12%
super
AIST - Lifting the compulsory superannuation rate to 12 per cent
will benefit all Australians, the Australian Institute of
Superannuation Trustees said (9 March 2018).
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Big super funds should not escape regulatory
scrutiny
MEDIA - Small and medium-sized superannuation funds can and do
serve their members and generate competitive returns and the debate
around industry consolidation based on size needs to be move on,
according to participants in a Super Review roundtable (08 March
2018).
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ASIC consults on its oversight of AFCA
TREASURY - The Minister for Revenue and Financial Services, the Hon
Kelly O'Dwyer MP, has welcomed the ASIC's public
consultation on draft regulatory guidance on its oversight of the
Australian Financial Complaints Authority (AFCA).
The draft regulatory guidance Regulatory Guide 139, Oversight
of AFCA, will be open for public consultation until 6 April
2018. The consultation paper and draft regulatory guide is
available on the
ASIC website (5 March 2018).
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In practice and courts
FOS submission to the Financial Services Royal
Commission
FOS has released its response to the Royal Commission's
requests for information submitted on 22 January 2018 and 2
February 2018 (02 March 2018).
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ASIC report on corporate finance regulation: July to
December 2017
The report provides companies and their advisers with insights
about ASIC's regulatory approach in the corporate finance
sector to help them carry out their legal and compliance
obligations. It also demonstrates how ASIC facilitates business
transactions in Australia while maintaining legal protections and
safeguards for the investing community (26 February 2018).
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ACCC remarks: Competition in the Australian Financial
System
The ACCC has welcomed the Productivity
Commission's draft report into Competition in the Financial
System at a
public hearing this morning. At the public hearing, Marcus
Bezzi (Executive General Manager (Enforcement & Compliance
Division)) focused his remarks on: Competition Advocacy; The
ACCC's Financial Services Unit and 'Embedding greater
transparency in decision-making and a commitment to
competition' (28 February 2018).
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Royal Commission into Misconduct in the Banking,
Superannuation and Financial Services Industry
The Commissioner, the Honourable Kenneth Madison Hayne AC QC, is
authorised to submit an interim report no later than 30 September
2018, and will provide a final report by 1 February 2019.
The next round of public hearings will commence Tuesday 13 March
2018. More information is available on the
Transcripts and hearings page. Practice Guidelines are
available on the
Practice Guidelines page. The Royal Commission's initial
public hearing was held on 12 February 2018. A video recording and
transcript of the initial hearing is available.
SMSF Association Submissions
06/03/2018
SMSF Association supplementary submission on choice and account
proliferation and superannuation...
06/03/2018
SMSF Association submission on Australian Financial Complaints
Authority
28/02/2018
SMSF Association submission on National Housing Finance and
Investment Corporation
28/02/2018
SMSF Association submission on strengthening penalties for
corporate and financial sector misconduct
ATO self-managed superannuation funds: a statistical
overview 2015-2016
ISA: 26 February 2018 - SMSF membership continues to grow despite
40 per cent of funds receiving zero or negative ROA in 2016. SMSFs
remain the most numerous type of fund and the sector has the
greatest share of assets in the superannuation system.
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Cases
Sharma v LGSS Pty Ltd [2018] FCA 167
INSURANCE – appeal under s46 of the Superannuation
(Resolution of Complaints) Act 1993 (Cth) against decisions of
Superannuation Complaints Tribunal – whether Tribunal erred
in affirming insurer's decisions to avoid applicant's
insurance under s29(2) of the Insurance Contracts Act 1984
(Cth) for fraudulent misrepresentation and non-disclosure –
whether s21 of the Insurance Contracts Act 1984 (Cth) imposed duty
of disclosure on applicant as a third party beneficiary –
appeal allowed.
Administrative Appeals Act 1975 (Cth) s44(1);
Insurance Contracts Act 1984 (Cth) ss21, 25, 29, 31, 32,
54; Superannuation (Resolution of Complaints) Act 1993
(Cth) ss46(1), 46(3).
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.