In the media
'Public should be shocked': Judge clears NAB,
ANZ $100m rate-rigging settlements
MEDIA – 10 November 2017 - The Federal Court on Friday
approved a $100 million settlement between the sharemarket
regulator and two of the major banks accused of seeking to rig the
benchmark bank bill swap rate (BBSW).
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ATO compromises on SMSF reporting changes
MEDIA – 10 November 2017 - Revenue and Financial Services
minister, Kelly O'Dwyer is expected to receive an interim
report around superannuation guarantee non-compliance within days.
The ATO has compromised on its plans to impose stringent reporting
requirements on self managed super funds (SMSFs)
for prescribed events, following pressure from SMSF groups.
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ATO affirms SMSF event-based reporting
rules
MEDIA – 10 November 2017 - Self-managed super funds
(SMSFs) with a balance of $1 million or more will
be subject to an event-based reporting regime from 1 July 2018, the
Australian Tax Office announced. SMSF members have 28 days after
the end of the quarter to report an event, which would include the
commencement or commutation of a retirement phase pension. Other
SMSFs with balances less than $1 million will continue to report
annually.
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AFA backs choice of fund
MEDIA – 09 November 2017 - Workers should have access to a
choice of superannuation funds to allow them to make contributions
to the same fund throughout their working lives, irrespective of
industrial agreements and awards, according to the Association of
Financial Advisers (AFA).
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Personal tax concessions that drive up housing prices
better spent elsewhere - new report
ISA – 06 November 2017 - One of over a dozen policy proposals
listed in its Assisting Housing Affordability discussion paper,
Industry Super Australia says personal tax incentives and first
home buyer grants have only fueled the unsustainable growth in
property markets.
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China and Australia to cooperate on
fintech
ASIC – 06 November 2017 - The China Securities Regulatory
Commission (CSRC) and Australian Securities and
Investments Commission (ASIC) have entered into an
agreement to promote innovation in financial services in their
respective markets. The
Information Sharing Co-operation Agreement further underlines
the significance of the broader Australia-China trade and
investment relationship.
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Poor auditing could be 'canary in the coal mine'
for financial crisis: ASIC
MEDIA – 03 November 2017 - Australia could be facing an
Enron-style corporate collapse unless the big four accounting firms
dramatically improve their auditing standards, the outgoing ASIC
chairman warns.
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Australian Financial Complaints Authority
consultation
TREASURY – 03 November 2017 - The Turnbull Government
welcomes the release by Dr Malcolm Edey of the Consultation Paper
on the terms of reference, governance and funding arrangements for
the Australian Financial Complaints Authority
(AFCA), the new one-stop shop dispute resolution
body for all financial disputes. AFCA will commence from 1 July
2018.
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Australian FinTech streaming ahead
TREASURY – 03 November 2017 - The Turnbull Government
welcomes the release today of the EY FinTech Australia Census 2017,
which reveals the strength and maturity of Australia's FinTech
sector. The Census provides a comprehensive overview of the
Australian FinTech landscape, showing that the number of FinTech
firms operating in Australia is now approaching 600, having more
than doubled since 2015. The full Census results are available on
the EY website.
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AIST welcomes ASIC review of super disclosure
rules
AIST – 02 November 2017 - AIST welcomes the announcement by
the Australian Securities and Investment Commission
(ASIC) that it will conduct a review of the
Regulatory Guide 97 fee and cost disclosure requirements and adopt
a facilitative approach to funds complying with the existing
legislation.
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ASIC reviews RG97 impact
MEDIA – 02 November 2017 - ASIC announced it will conduct an
external review on the effects of the Regulatory Guide 97 fee
disclosure reforms, and will again extend its previous 30 September
compliance deadline.
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Thousands of super options leaving consumers bewildered:
new poll
ISA – 01 November 2017 - Banks are overloading consumers with
choice, and the public believes the banks have a track record of
offering numerous financial products designed to make it hard to
assess which is right for them, a new survey finds.
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APRA points to looming structural issues
MEDIA – 31 October 2017 -The Australian Prudential Regulation
Authority has highlighted the liquidity and investment risks facing
super funds due to an ageing population. The superannuation
industry is experiencing increasing structural change warranting
closer attention on the part of the Australian Prudential
Regulation Authority (APRA).
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In practice and courts
Consultation Paper: Terms of reference, governance and
funding arrangements for the Australian Financial Complaints
Authority (AFCA)
Feedback from the Consultation Paper will provide the basis of Dr
Edey's advice to the Minister on the authorisation of AFCA,
including any conditions that should be imposed on authorisation.
The Consultation paper is available on the Treasury
website. Interested stakeholders are invited to comment.
Submissions on this consultation will close on 20 November 2017 (03
November 2017).
AIST Submissions
03 November 2017 - Treasury Laws Amendment (Whistleblowers)
Bill 2017 - AIST supports the measures in the exposure draft
legislation to create a consolidated whistleblower protection
framework.
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ASFA Submissions
03 November 2017 - Submission to the Treasury - Consultation on the
Enhanced Regulatory Sandbox – Draft legislation.
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Cases
Edwards v Commonwealth Superannuation Corporation [2017] FCAFC 173SUPERANNUATION – payment of pension of deceased member – payment to person other than spouse – payment to dependent children. Administrative Decisions (Judicial Review) Act 1977 (Cth); Superannuation Act 1976 (Cth); Superannuation (Resolution of Complaints) Act 1993 (Cth).
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