In the media
Deloitte backs compulsory annuitisation
MEDIA – 3 October 2014 – Superannuation consulting
firm Deloitte has reiterated its call for compulsory annuitisation
for Australian retirees. Deloitte has long expressed concern that
superannuation will not provide adequate support in retirement for
most Australians unless they work longer or contribute more to
their super.
More...
Lobbyists at odds over MySuper stats
MEDIA – 3 October 2014 – The lobby groups representing
the retail and not-for-profit superannuation sectors have offered
up competing assessments of APRA's MySuper statistics. APRA
released its interim report on the performance of 116 MySuper
products this week.
More...
New APRA data shows FSC members outperform industry
funds in MySuper
FINANCIAL SERVICES COUNCIL – 2 October 2014 – The
first report on MySuper performance and fees released by APRA is a
game changer for the way superannuation is reported, the Financial
Services Council said. The FSC Director of Policy said for the
first time, Australians have APRA data which directly compares the
fees and performance of MySuper products.
More...
Banks slow to move members super savings into lower cost
funds
INDUSTRY SUPER AUSTRALIA – 2 October 2014 – The APRA
report confirms that just $13 billion of savings in bank-owned and
other retail funds has been transferred to MySuper funds, with $77
billion dollars of workers default super savings remaining in
higher cost super funds so that banks can maximise revenues at the
expense of Australians retirement nest eggs.
More...
New MySuper data highlights need for independent default
fund selection
AIST – 2 October 2014 – MySuper data released today
highlights the need for an independent body to select default funds
from the MySuper pool, according to the Australian Institute of
Superannuation Trustees (AIST).
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Move retail super to MySuper: AIST
MEDIA – 3 October 2014 – AIST has urged the government
to immediately roll over all retail fund balances into MySuper
products. AIST policy and research executive manager current
grandfathering arrangements have "effectively locked up"
billions of dollars of super savings until 2017, which means
thousands of consumers are "paying higher fees".
More...
Publication of superannuation statistics and
confidentiality of superannuation data
APRA – 1 October 2014 – Australian Prudential
Regulation Authority (APRA) today released the Response to
submissions on publication of superannuation statistics and
confidentiality of superannuation data.
More...
NAB pays $10,200 penalty for misleading statements in
PDS
ASIC – 1 October 2014 – National Australia Bank (NAB)
has paid $10,200 in penalties after ASIC issued an infringement
notice for making potentially misleading statements in a product
disclosure statement (PDS) for the NAB Annuity Term Deposit.
More...
ASIC and AFSA announce refreshed memorandum of
understanding
ASIC – 2 October 2014 – Australian Financial Security
Authority's Chief Executive Veronique Ingram and Commissioner
John Price of ASIC have announced the release of a new Memorandum
of Understanding between AFSA and ASIC.
More...
APRA releases quarterly MySuper
statistics
APRA – 2 October 2014 – APRA has released the first
editions of an interim Quarterly MySuper Statistics report, for the
quarters ending September 2013, December 2013, March 2014 and June
2014. APRA Member Helen Rowell says the statistics provide a
central source of information on MySuper products and support the
broader transparency objectives of the Stronger Super reforms. More...
APRA confirms MySuper non-confidentiality
rules
MEDIA – 2 October 2014 – The Australian Prudential
Regulation Authority (APRA) will treat MySuper product data as
non-confidential, following a period of industry consultation. In
the short term, APRA will publish data on MySuper fees, costs and
net returns for the purposes of the requirement in section 348A of
the SIS Act. More...
AIST attacks big-bank default
grandfathering
MEDIA – 1 October 2014 – Bank-owned retail funds
should be forced to roll all their default superannuation members
out of high-fee products into low-fee MySuper products, according
to the Australian Institute of Superannuation Trustees (AIST). More...
The five principles that must underpin the design of the
retirement income system
ASFA – 29 September 2014 – In its submission to the
'Review of retirement income stream regulation', the
Association of Superannuation Funds of Australia (ASFA) has
outlined five principles under which it believes the retirement
income system should be designed to ensure it delivers on both its
fiscal and social objectives.
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Legal claims hampering group insurance
MEDIA – 24 September 2014 – The Insurance
Administration Expenses report commissioned by the Association of
Superannuation Funds of Australia said plaintiff lawyers are
seeking resolutions before it is possible for internal reviews or
reviews by the Superannuation Complaints Tribunal to be conducted.
More...
ASIC seeks feedback on super disclosure
MEDIA – 24 September 2014 – ASIC is seeking industry
feedback to help clarify proposed fee and cost disclosure
requirements for superannuation and managed investment products.
ASIC said it is particularly interested in feedback on proposed
changes to clarify requirements for indirect costs, double counting
and fee issues for superannuation products.
More...
SPAA urges overhaul of education and training
requirements
SPAA – 23 September 2014 – The SPAA has told a
parliamentary inquiry that the education and training requirements
for the financial advisory industry need to be radically
overhauled, stating the current system of a minimum standard of
education and competencies for financial advisors via ASIC's
Regulatory Guide 146 (RG 146) has failed the industry.
More...
Independent Statutory Advice Board is essential to
regain trust
FSC – 23 September 2014 – The Financial Services
Council is advocating for the establishment of a statutory,
independent, Advice Competency Standards Board (ACSB) for financial
advisers to rebuild the trust of Consumers in financial advice,
John Brogden, CEO of the FSC said today.
More...
Advice associations under conflict of interest on
professionalism: ASIC
MEDIA – 23 September 2014 – Advice industry
self-regulation is not an appropriate model to increase
professionalism in the financial advice industry, as associations
have "an inevitable conflict of interest," the Australian
Securities and Investments Commission has argued. More...
Industry super funds outperformed bank-owned funds by
1.97% over past 10 years
INDUSTRY SUPER AUSTRALIA – 19 September 2014 – New
data from independent ratings agency SuperRatings shows that
industry super funds have outperformed bank-owned super funds over
the last 1, 3, 5, 7 and 10 year periods, based on balanced fund
median rolling returns to 31 August 2014. With four in five
Australians not choosing their own super fund and the Government
freeze on increases to the super guarantee, the data reinforces the
need for a default super safety net.
More...
Annual concessional caps in the spotlight
MEDIA – 18 September 2014 – The annual concessional
contributions limit could be replaced with a lifetime cap if the
Federal Government accepts the proposals of the superannuation
industry.
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Response to Submissions on proposed changes to
superannuation data and publications
APRA – 1 September 2014 – APRA has released its
Response to Submissions on the proposed changes to APRA's
quarterly superannuation statistical publications.
More...
First edition: Interim Quarterly MySuper Statistics
report, September 2013, December 2013, March 2014 and June
2014
APRA – 2 October 2014 – As at 30 June 2014, 93
registered superannuation entity (RSE) licensees offered a total of
116 MySuper products, and total assets held in MySuper products
were $363.2 billion, representing 32% of total RSE assets. Includes
120 new statistics that will include a range of information on
MySuper products – including fees and revenues.
More...
APRA: letter to all RSE licensees regarding risk
management declarations under SPS 220
APRA – 1 October 2014 – APRA noted that the risk
management declaration in CPS 220 does not contain any reference to
materiality. APRA confirmed that it considers that the concept of
materiality is appropriate for the Board declaration and indicated
that the wording of CPS 220 would be amended accordingly.
More...
ASIC clarify fee and cost disclosure requirements:
submissions
A draft Class Order has been provided to a number of industry
associations and other industry participants for consideration and
industry feedback on our proposed amendments. Feedback and comments
on the proposed technical amendments are due by 17 October 2014.
More...
AIST submissions: Promoting SG compliance – ANAO
audit in progress
AIST – 19 September 2014 – This is an audit in
progress that is presently being undertaken by the Australian
National Audit Office (ANAO). The objective of the audit is to
assess the effectiveness of the ATO to support employers to comply
with their SG obligations and identify and deal with those who do
not.
More...
ASFA Submissions
30 September 2014 – Submission to AUSTRAC: Use of Document Verification Service for customer identification and verification.
29 September 2014 – Submission: Review of retirement income stream regulation.
Legislation
Commonwealth
ASIC Instrument [14/0952]
COMLAW – 30 September 2014 – This instrument provides
a class order exemption for Phase 1 and 2 Reporting Entities from
complying with certain provisions of the ASIC Derivative
Transaction Rules (Reporting) 2013. Registered 30 September 2014 /
Tabled HR 1 October 2014 / Tabled Senate 2 October 2014. More...
[Exposure Draft] Tax and Superannuation Laws Amendment
(2014 Measures No. 7) Bill 2014
DEPARTMENT OF THE TREASURY – 23 September 2014 – The
measure would clarify that a tax integrity rule will not be
triggered when superannuation benefits are rolled over to another
fund as part of a merger between funds. Legal requirements, such as
those imposed by the Freedom of Information Act 1982, may affect
the confidentiality of your submission. Closing date for
submissions: 20 October 2014.
More...
Australian Prudential Regulation Authority
(confidentiality) determination No. 10 of 2014
COMLAW – 30 September 2014 – This instrument
determines information provided by superannuation entities under
Reporting Standard SRS 001.0, 410.0, 533.0, 602.0, 700.0, 702.0 and
710.0. This determination applies to information in the reporting
forms given to APRA pursuant to the following reporting standards,
where a period of at least 14 days has elapsed from the date the
RSE licensee was required to provide the information specified in
the relevant reporting standard. More...
Tax and Superannuation Laws Amendment (2014 Measures No.
4) Bill 2014
HANSARD – SENATE – 25 September 2014 - Bill debated,
third reading.
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