In the media
APRA Insight 2015
APRA – 7 August 2015 – APRA has released the
publication Insight Issue 1 for 2015. In this issue: Superannuation
industry overview, conflicts of interest thematic review and
insurance in superannuation thematic review.
More...
Default super engagement improves, says CIFR
MEDIA – 6 August 2015 – Australians are
becoming more engaged with their super, with most investors
choosing their fund provider or their investment option, says the
Centre of International Finance and Regulation
(CIFR).
More...
MySuper fee savings can be doubled
MEDIA – 6 August 2015 – MySuper will result in
total cost savings of $1.4 billion to the overall super system, but
introducing some simple measures could double that amount,
according to the Grattan Institute. More...
SuperRatings: Top super funds announced
SUPERRATINGS – 5 August 2015 – International
shares and listed property brought home the bacon this year for
superannuation funds, with strong performances from these two asset
classes helping to offset a lacklustre year across other markets.
More...
Opening speech to FSC Annual Conference
FSC – 5 August 2015 – FSC Chairman Greg
Cooper, Opening Speech to FSC Annual Conference, Gold Coast
Convention Centre.
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ASFA concerned about board governance timeline
MEDIA – 4 August 2015 – The Association of
Superannuation Funds of Australia (ASFA) is
concerned about the timeframe for approving transition plans to
have at least one-third independent directors on super fund boards.
More...
Consultation Paper: "Facilitating crowd-sourced
equity funding and reducing compliance costs"
GOVERNMENT – 4 August 2015 – The paper asks if
there are unnecessary compliance costs and fundraising constraints
under the Corporations Act for proprietary companies. The paper
also considers areas of the Corporations Act which may be
unnecessarily restricting the ability of small proprietary
companies to raise capital to invest and grow.
More...
Super reality check – busting the $1 million myth:
AIST Policy Research Paper
AIST – 3 August 2015 – The AIST and VPR have
considered the value of superannuation to members facing retirement
with relatively low balances and aim to debunk the myth that $ 1
million is necessary for a dignified retirement and provide
much-needed clarity about how even small amounts of super can make
a big difference in retirement.
More...
Consultation on proposed changes to superannuation
reporting standards for the ABS
APRA – 31 July 2015 – The ABS and APRA are
seeking industry views on proposed changes to Reporting Standard
SRS 330.0 Statement of Financial Position (SRS 330.0) which are
proposed for the statistical purposes of the ABS.
More...
ASFA submissions
31 July 2015 – To APRA: Governance requirements for
RSE licensees: proposed amendments. More...
27 July 2015 – To Treasury: Supplementary submission in
response to the Tax Discussion Paper. More...
Financial planner warns new rules will not stop life
insurance churn
MEDIA – 29 July 2015 – Fresh analysis shows
the new "Life Insurance Framework" does not remove the
incentive for financial planners to switch clients' life
insurance to boost their commissions. More...
ASIC moves to recover costs of its investigations
ASIC – 29 July 2015 – ASIC will now use its
power to recover expenses and costs of its investigations.
ASIC's new approach and the factors it will consider before
using its power has been detailed in Information Sheet 204 –
"Recovery of investigation expenses and costs" (INFO
204), which has been released today.
More...
Industry Super Australia welcomes Senate inquiry on
women's super
INDUSTRY SUPER AUSTRALIA – 29 July 2015 –
Industry Super Australia welcomes the call by the Greens for a
Senate inquiry to the address the issues causing the substantial
gap in women's superannuation savings and overall retirement
income. The current 19% pay gap between women and men's wages
is a large part of the problem and translates into a superannuation
gap of 47%.
More...
Tax inquiry can help ensure super delivers for
women
AIST – 29 July 2015 – The Australian Institute
of Superannuation Trustees (AIST) and Women in
Super (WIS) today supported a Senate review of the
retirement savings gap for women and urged the Government to
prioritise the tax reform of superannuation as a significant step
towards improving retirement outcomes for women.
More...
ASIC: New digital disclosure measures to enhance
consumer understanding
ASIC – 28 July 2015 – ASIC has released new
guidance and waivers to further facilitate businesses providing
disclosures through digital channels and to encourage innovative
communication of information about financial products and services.
ASIC's guidance and waivers are contained in Regulatory Guide
221 – "Facilitating digital financial services
disclosure" (RG
221) and two new legislative instruments.
ISA submission to Treasury: "One size does not fit
all"
INDUSTRY SUPER AUSTRALIA – 27 July 2015 - Industry
Super Australia welcomes the opportunity to comment on the
Superannuation Legislation Amendment (Governance) Bill 2015:
Governance arrangements for APRA regulated superannuation
funds. Industry super funds support strong and effective
governance arrangements that promote a strong culture of ethical
behaviour, accountability, risk management and transparency.
More...
The super system is not broken but can be improved:
ASFA
ASFA – 27 July 2015 – In its supplementary
submission, as part of the tax reform consultative process, the
Association of Superannuation Funds of Australia
(ASFA) has concluded there is no urgency to make
changes to the superannuation and retirement income system today as
it is sustainable. More...
APRA Prudential Standard APS 330 Public Disclosure (APS
330)
APRA – 22 July 2015 – This rectifies an
omission in the July 2015 version of APS 330. The revised version
of APS 330 will take effect on from 1 August 2015.
More...
Cases
Casaclang v WealthSure Pty Ltd
[2015] FCA 761
CORPORATIONS – financial services and markets
– holder of an Australian financial services licence
("licensee") – authorised representative of a
licensee – where authorised representative alleged to have
contravened provisions in Parts 7.7, 7.9 and 7.10 of Chapter 7 of
the Corporations Act 2001 (Cth) – where authorised
representative alleged to have caused loss and damage to clients in
negligence and breach of contract – whether conduct of
authorised representative related to a "financial
product" – whether investment by clients was provision
of a "credit facility" within the definition of
regulation 7.1.06(1) of the Corporations Regulations 2001
(Cth) – whether licensee liable for conduct of authorised
representative under Division 6 of Part 7.6 of the Corporations Act
– whether licensee liable under s 769B of the Corporations
Act for conduct of authorised representative having actual or
apparent authority – whether licensee liable in negligence
for conduct of former authorised representative after revocation of
authorised status. More...
Legislation
Commonwealth
Australian Prudential Regulation Authority
(confidentiality) determination No. 14 of 2015
This instrument determines information provided by
locally-incorporated banks and foreign ADIs under Reporting
Standard ARS 320.0. Registered 30 July 2015. More...
ASIC Corporations (Deposit Product Disclosure)
Instrument 2015/683
This instrument provides exemptions from the requirements
to disclose an interest rate in a Product Disclosure Statement for
a deposit product and disclose a termination value in a periodic
statement for a deposit product. Registered 27 July 2015. More...
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