In the media
ASIC issues major cyber resilience report
ASIC – 19 March 2015 – ASIC today published Report
429 Cyber resilience: Health Check (REP 429) to help its
regulated population improve cyber resilience. Report 429
highlights the importance of cyber resilience to ASIC's
regulated population, to support investor and financial consumer
trust and confidence and ensure markets are fair, orderly and
transparent.
More...
AIST – Mercer Super Tracker
AIST – 19 March 2015 – Launched at AIST's
Conference of Major Superannuation Funds on the Gold Coast –
this has been jointly developed by AIST and Mercer to provide an
objective means of assessing super and road test new ideas and
policies.
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Pre and post-retirement uncertainty offers super funds a
$480bn opportunity
MEDIA – 18 March 2015 – A high degree of uncertainty
among pre and post-retirees when it comes to retirement options
represents a $480 billion opportunity for super funds, new research
from CoreData has revealed. Super funds must clearly communicate
how their products offer the best overall retirement solution.
More...
ASIC calls for product intervention
powers
MEDIA – 18 March 2015 – The corporate regulator has
called for product intervention powers to boost its toolkit and
allow it to better meet industry expectations. ASIC deputy chair
Peter Kell said the regulator supported recommendations made by the
Financial System Inquiry (FSI) that would provide
it with product intervention powers.
More...
Industry funds warned on related party
deals
MEDIA – 18 March 2015 – Industry superannuation funds
have been warned by the Australian Prudential Regulation Authority
(APRA) that the regulator has taken on board
evidence given during the Trade Union Royal Commission and that
funds will need to carefully review and monitor related party
arrangements.
More...
APRA address to the Conference of Major Super
Funds
APRA – 18 March 2015 – The Australian Prudential
Regulation Authority (APRA) has released Helen
Rowell's Speech at the Conference of Major Superannuation
Funds, entitled: "Tapping into the regulators radar".
More...
ASFA course targets retirement-phase planners MEDIA – 16 March 2015 – The Association of Superannuation Funds of Australia (ASFA) has unveiled a new qualification targeted at financial planners advising in the post-retirement space. More...
Risk Management and Governance – a Prudential
Regulator perspective – APRA transcript of speech, Macquarie
University Financial Risk Day
APRA – 16 March 2015 – Deputy Chairman of the
Australian Prudential Regulation Authority, Ian Laughlin, discusses
Prudential Standards, Risk management, Governance, Ratings and
quality assessments, Practical aspects of quality assessments,
Benchmarking, Risk Governance, and views based on experience.
Primarily relates to ADI's and insurers but in principle much
of it is also relevant to superannuation trustees.
More...
APRA letter to RSE licensees regarding the deferral of
reporting standards
APRA – 13 March 2015 – As part of the new
superannuation reporting requirements, APRA introduced
Reporting Standard SRS 534.0 Derivative Financial Instruments
(SRS 534.0) for RSE licensees that invest in directly held
derivatives. SRS 534.0 collects information on the types of
derivative instruments used and individual holdings of
over-the-counter derivatives.
More...
Single super aim would allow policy
testing
MEDIA – 12 March 2015 – Opposition treasury spokesman
Chris Bowen has backed a key Financial System Inquiry
(FSI) recommendation to establish a clear
objective for superannuation as it would allow future policy ideas
to be tested and measured.
More...
New fact sheet to help people nominate superannuation
death benefit beneficiaries: ASFA
ASFA – 12 March 2015 – The Association of
Superannuation Funds of Australia (ASFA) has
released a new fact sheet designed to help guide people through the
process of nominating a beneficiary for their superannuation death
benefit, and a Best Practice Paper, available exclusively to its
members, on managing death benefit claims.
More...
Demand for ethical investments soars
MEDIA – 10 March 2015 – Ethically-screened FUM
monitored by the Ethical Advisers' Co-operative has increased
by 18% in the past 12 months to $910 million. Labelling itself
"Australia's First Adviser Co-Operative", the EAC is
a collection of financial planning firms focused on investments
screened for "environmental, social, governance and ethical
factors". More...
The gender superannuation gap
ISA – 10 March 2015 – The current 19% pay gap between
women and men's wages in Australia is translating into a
yawning superannuation gap of 47%. Women are currently retiring
with $90,000 less than men, and 29% of women over 65 are living
below the poverty line.
More...
ASFA says super access for home deposit
dicey
MEDIA – 10 March 2015 – Allowing early access to
superannuation for the purposes of buying a home or job training
was likely to leave Australians with worse retirement outcomes, the
Association of Superannuation Funds of Australia
(ASFA) says.
More...
Challenger calls for deferred annuity
review
MEDIA – 9 March 2015 – Policy changes that allowed for
and encouraged the development of retirement income products should
be a top priority following the release of the "2015
Intergenerational Report" (IGR).
More...
ASFA Quick Reference Guide: Superannuation disability
claims – statutes of limitations
The purpose of this quick reference guide is to provide ASFA
members with a snapshot of the disability claims limitation periods
for each of the Australian states and territories.
More...
Privacy law reform report card
On 12 March 2014, changes to the Privacy Act 1988
(Privacy Act) commenced.
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Scrutiny of financial advice
Transcript of Senate Economics References Committee, 6 March 2015,
hearing into Scrutiny of financial advice. On 2 March 2015, the
Senate granted an extension to the committee to report by 1
February 2016.
More...
Submissions: Fairer Taxation of Excess Non-Concessional
Contributions Reforms Regulations [Exposure Draft]
A new exposure draft regulation and draft explanatory statement
would make changes to regulations to implement the Fairer Taxation
of Excess Non-concessional Contributions reforms. Submissions close
on 18 March 2015.
More...
ASFA Submissions
Submission to Treasury: Fairer taxation of excess non-concessional contributions reforms – Regulations (18 March 2015).
Submission to ASIC: Consultation Paper 227 – Disclosure and reporting requirements for superannuation trustees: s29QC (13 March 2015).
Submission to ASIC: Review of Regulatory Guide 97 – Disclosing fees and costs in PDSs and periodic statements (6 March 2015).
Submission to ATO: Single Touch Payroll discussion paper (6 March 2015).
Murray Report: Consultation process
FSI – 7 December 2014 – The Government is consulting
on the Inquiry's recommendations before making any decisions,
and is calling for written submissions from all stakeholders. The
deadline for submissions is 31 March 2015. More...
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