In the media
Lawyer warns super funds on climate risks
MEDIA – 04 August 2017 - A majority of super funds have not
provided adequate evidence they are considering climate risk as
required by APRA, making them vulnerable to legal action, says a
new report.
More...
Could Commonwealth Bank be fined a trillion dollars for
systemic law breaching?<
MEDIA – 03
August 2017 - Failure to comply with anti-money laundering and
terror financing legislation could leave the Commonwealth Bank of
Australia (CBA) facing enormous fines. AUSTRAC has
launched civil proceedings, claiming that CBA breached laws
relating to the Anti-Money Laundering and Counter-Terrorism
Financing Act 2006 (AML/CTF Act) on no fewer
than 53,700 occasions.
More...
AUSTRAC seeks civil penalty orders against
CBA
AUSTRAC – 03 August 2017 - Australia's financial
intelligence and regulatory agency, AUSTRAC, today initiated civil
penalty proceedings in the Federal Court against the Commonwealth
Bank of Australia (CBA) for serious and systemic
non-compliance with the AML/CTF Act.
More...
Sydney at the centre of booming Australian Fintech
industry
KPMG – 01 August 2017 - Sydney is home to over half of
Australia's Fintech companies and is helping to drive
unprecedented growth in the industry, according to a new report by
the Committee for Sydney and KPMG.
More...
Who's missing out on super? Wage threshold creates
an underclass of biggest losers.
ASFA – 30 July 2017 - Men and women working in sales,
community and personal service roles and earning less than $450 per
month are the biggest losers when it comes to missing out on the
compulsory super contributions paid to most workers. An estimated
220,000 Australian women and 145,000 Australian men are missing out
on around $125 million of superannuation contributions each year
due to an antiquated wage threshold.
More...
Group insurance data framework proposed
MEDIA – 28 July 2017 - The Insurance in Superannuation
Working Group, a joint initiative of competing super industry
associations, has released its fourth discussion paper – this
time on the topic of data management. Submissions on the ISWG
discussion paper on data management are due by 18 August 2017.
More...
(ASFA) More...
Overhauling the dispute resolution
framework
TREASURY – 26 July 2017 - The Turnbull Government is
continuing to deliver on its commitment to overhaul the dispute
resolution framework for financial services in Australia with the
creation of a transition team to lead the establishment of the
Australian Financial Complaints Authority (AFCA).
More...
'Change or exit', APRA warns super
funds
MEDIA – 26 July 2017 - Super funds that fail to produce
"concrete evidence" they are delivering for members could
soon be compelled to merge, says APRA deputy chair Helen Rowell.
More...
SMSF trustee penalties increase
MEDIA – 25 July 2017 - The ATO has many weapons in its
arsenal when it comes to regulating Self Managed Super Funds. One
of the most frequently used has increased in cost from 1 July 2017
for defaulting trustees of SMSFs by almost 17 per cent.
More...
'Weak planning' of super funds
exposed
MEDIA – 25 July 2017 - APRA has outlined the "poor
business planning practices" of various super funds,
coinciding with the government's announcement this week that it
plans to replace the 'scale test' with an 'outcomes
test'. The Coalition is planning to replace the current scale
test with an 'outcomes' test as
part of a package of superannuation governance reforms
announced on Monday.
More...
Superannuation changes won't empower
consumers
MEDIA – 26 July 2017 - The government's
raft of changes to the regulation of superannuation is being
sold as a way to give consumers more power over their retirement
funds. But, in fact, consumers are unlikely to use these new powers
and the changes might not improve super fund performance.
More...
Reforms to give consumers more power at the heart of a
stronger superannuation system
TREASURY – 24 July 2017 - The Turnbull Government will
introduce legislation to give everyday Australians more power over
their superannuation providers and strengthen the prudential
framework to deliver a more transparent and accountable compulsory
retirement savings system.
More...
The Exposure Draft Bill and Explanatory Memorandum are available
on the Treasury
website. Submissions will close on Friday, 11 August 2017.
FSC boss pushes for self-regulation
MEDIA – 28 July 2017 - A royal commission into financial
services would be lengthy, "go off in tangents" and would
act as a "handbrake" on industry self-regulation, argues
the FSC.
More...
Financial Choice pays $21,600 in penalties for false and
misleading representations
ASIC – 25 July 2017 - Financial Choice Pty Ltd, an Australian
financial services provider, has paid two ASIC infringement notice
penalties totalling $21,600, after making misleading
representations in marketing emails sent to consumers and on its
website.
More...
Superannuation reform package requires careful
analysis
AIST – 25 July 2017 - The Government's package of
superannuation reforms announced today requires careful analysis to
ensure there are no unintended consequences for members.
More...
New consumer protections in super welcome but should go
further
ISA – 24 July 2017 - Enhanced superannuation trustee
obligations and regulatory powers announced today should benefit
consumers but there is scope to go further, says Industry Super
Australia.
More...
FSC: Super reform package brings new age of transparency
and accountability
FSC – 24 July 2017 - The FSC welcomed the Government
announcing its intention to reform the 25 year old superannuation
system to make it more transparent, competitive and accountable to
consumers.
More...
Published – articles, papers, reports
Data management - discussion paper
Insurance in Superannuation Working Group, Industry Super
Australia: 28 July 2017
The Insurance in Superannuation Working Group
(ISWG) has released the fourth in a series of
discussion papers as a further step towards developing an Insurance
Code of Practice for superannuation trustees.
More...
In practice and courts
APRA RSE licensees on Treasury Laws Amendment
(Improving Accountability and Member Outcomes in Superannuation)
Bill 2017
APRA has released a letter to all RSE licensees on Treasury
Laws Amendment (Improving Accountability and Member Outcomes in
Superannuation) Bill 2017 (26 July 2017).
More...
ASIC Corporations (Urgent Superannuation Advice)
Instrument 17-530
The relief gives financial advisers up to 30 days to provide a SoA
for personal advice provided to retail clients about a
superannuation product in connection with the changes in laws
regulating superannuation as a result of the Treasury Laws
Amendment (Fair and Sustainable Superannuation) Act 2016 where
the advice is requested and provided before 1 July 2017 (26 July
2017).
More...
ASFA Call for submissions on data management to improve
insurance outcomes for superannuation members
The Insurance in Superannuation Working Group
(ISWG) has released the fourth in a series of
discussion papers as a further step towards developing an
Insurance Code of Practice for superannuation trustees. The paper,
Data Management, outlines proposals that seek to
enhance member insurance outcomes by improving access to timely and
relevant information. Submissions in respect of the data management
proposals outlined in the discussion paper close on 18 August 2017.
More...
ASFA Submissions
25 July 2017 Submission to the Australian Taxation Office
(ATO)
Re: Single Touch Payroll Consultation Paper – Online choice
of fund (part of the employee commencement process).
More...
24 July 2017 Submission to The Treasury - Re: Consultation on ASIC
Enforcement Review – Position and Consultation Paper 4
Industry Codes in the Financial Sector.
More...
AIST Submissions
28 July 2017
Industry codes in the financial sector
27 July 2017
Relief application: Disclosure of fees and cost...
26 July 2017
Online choice of fund design consultation
Reminder: Transition period for updated fee and cost
disclosures
ASIC has
extended the transition period for trustees of superannuation
funds and responsible entities of managed funds and other managed
investment schemes (issuers) to comply with updated fee and cost
disclosure requirements in relation to product disclosure
statements (PDSs), until 30 September 2017.
ASFA National Financial Crime Discussion
Group
Discuss various trends and issues faced by super in the area of
financial crime. Sydney, Brisbane, Melbourne, Perth Australia, next
meeting 17 August 2017.
More...
Gazette - Superannuation Industry (Supervision) Act
1993
Notices of disqualification under the Act:
03/08/2017
Notice of Disqualification - Jekk Grace; Andrea Grant; Michael
Craig.
02/08/2017
Notice of Disqualification - Pina Sotiropoulos; Peter
Sotiropoulos
01/08/2017
Notice of Disqualification – Keith Brennan.
31/07/2017
Notice of Disqualification - Mi Kim; Chan Jeon; Dion Jensen; Julie
Puttock.
27/07/2017
Notice of Disqualification - Lloyd Swan; Joanne Swan.
25/07/2017
Notice of Disqualification - Anthony Kraal; Leon Stephan.
Legislation - Commonwealth
Treasury Legislation Amendment (Improving Accountability and
Member Outcomes in Superannuation) Bill
2017
26 July 2017 | Exposure Draft - The legislation will amend the
Superannuation Industry (Supervision) Act 1993, the
Corporations Act 2001, and the Financial Sector
(Collection of Data) Act 2001 to modernise the superannuation
system. The amendments will improve accountability and member
outcomes. The Turnbull Government released for consultation the
draft legislation and associated draft explanatory material to
close a loophole used by unscrupulous employers to reduce their
employee's superannuation guarantee when the employee chooses
to make salary sacrifice contributions to superannuation. All
interested parties are invited to make a submission by 11 August
2017.
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.
