In the media
New default super inquiry to spark consolidation
MEDIA – 30 October 2015 - The government's
decision to refer competition within default super to the
Productivity Commission has set the clock ticking for super funds,
says Rice Warner – with more mergers the likely result.
More...
Westpac to refund premiums for unwanted insurance
cover
ASIC – 29 October 2015 - Following an ASIC
surveillance, Westpac will write to more than 10,600 insurance
customers and will offer to refund any premiums paid for insurance
cover they did not need in Mortgage Secure (MS) or
Home Loan Protection (HLP). These products were
sold as consumer credit insurance (CCI).
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NAB to invest $300m to boost advice
MEDIA – 29 October 2015 - National Australia Bank
(NAB) has committed to devoting at least $300
million across its wealth businesses over the next four years to
improve adviser and client experiences. Investment would be applied
across the four key areas of superannuation, platforms, advice and
asset management.
More...
ANZ's CTO blasts national federated digital identity
plans
GOVERNMENT – 28 October 2015 - The debate over how
digital identifiers for Australian will be issued and used by both
government and private sector businesses, like banks and
telecommunications providers, has intensified sharply after the
Chief Technology Officer of the ANZ Bank, Drs Patrick Maes Bank
issued a strong warning against mandating a federated identity
model.
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Superannuation – Questions of Fairness and
Opportunity
GOVERNMENT – 27 October 2015 - Next to their home,
for most families, their superannuation savings are their single
greatest asset. How well their superannuation fund performs
directly impacts on their retirement income.
More...
Admin tops SCT complaints again
MEDIA – 27 October 2015 - The Superannuation
Complaints Tribunal received 1,739 complaints of which 91 per cent
were resolved, according to its annual report. With 409 complaints,
death distributions was the most complained about category made to
the Superannuation Complaints Tribunal (SCT), according to its
annual report.
More...
National Australia Bank sets up compensation program
over dodgy advice
MEDIA – 22 October 2015 - National Australia Bank
has bowed to regulatory and community pressure and set up a formal
remediation program aimed at compensating clients who received poor
financial advice from its representatives. According to the ASIC,
affected NAB clients will have their files reviewed to determine if
compensation should be paid.
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Govt warned on changes to lost super rules
MEDIA – 22 October 2015 - The Federal Government has
been warned that changes to the rules around unclaimed
superannuation money could have significant adverse and unintended
consequences in an ASFA submission (22 October 2015).
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Government's Financial System Inquiry Report
Response
GOVERNMENT – 20 October 2015 - The Government has
released its response to the Murray
Financial System Inquiry Report. The
Government Response has accepted all but one of the Murray
Financial system Inquiry's 31 recommendations. The Government
does not agree with the Inquiry's recommendation to prohibit
limited recourse borrowing arrangements by superannuation funds.
The response sets out an agenda for action in the next year.
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AIST Submission: Unclaimed super changes (draft
regulations)
AIST – 20 October 2015 - AIST welcomes the exclusion
of members using electronic means to communicate with their fund
from being lost members, and the capacity for ERFs to transfer
balances to members' active accounts without their
consent.
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In practice and courts
ASIC: Response to submissions on CP 235 Proposed
amendments to ASIC market integrity rules for the Chi-X investment
product market (REP 4)
ASIC – 29 October 2015 - Feedback on the industry
consultation regulatory changes for market integrity rules.
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ASFA Submissions
23 October 2015 – Submission to APRA: Governance arrangements for RSE licensees – SPS 510, SPG 510, SPS 512 and SPG 512.
21 October 2015 – Submission to The Treasury: Superannuation Laws Amendment (unclaimed Superannuation Money) Regulation 2015.
14 October 2015 – Submission to the Senate Economics Legislation Committee: Governance legislation – Superannuation Legislation Amendment (Trustee Governance) Bill 2015.
Legislation
ASIC Corporations (Derivative Transaction Reporting)
Amendment Instrument 2015/0925
This instrument amends the ASIC Instrument [14/0633] to
provide temporary transitional relief to extend the commencement
date for phase 3B reporting to 4 December 2015. More...
Bills Progress
Superannuation Legislation Amendment (Trustee
Governance) Bill 2015
The Bill outlines amendments to the Superannuation
Industry (Supervision) Act 1993, Chapter 2Regulation impact
statement: Schedule 1: Governance arrangements for registrable
superannuation entities and Chapter 3 Governance arrangements for
the Board of the Commonwealth Superannuation Corporation. Report
due 09/11/2015.
More...
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