In the media
ASIC to review industry transition towards ending
grandfathered remuneration for financial
ASIC is investigating the progress of transition away from
grandfathered conflicted remuneration arrangements for financial
advisers. The investigation will review the steps taken by industry
participants from 1 July 2019 until the 2021 deadline (21 August
2019).
More...
ASIC bans Superfunded director for eight years
ASIC found Mr Goldenberg (sole director of Superfunded Pty
Ltd (Superfunded) had been involved in a
contravention of financial services legislation and is not
adequately trained, or competent, to provide financial services as
he demonstrated a lack of professionalism, integrity, judgement,
knowledge and diligence (21 August 2019).
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Peak bodies respond to government roadmap
While many have welcomed the government's roadmap for
implementing Commissioner Hayne's recommendations, bodies
representing the superannuation industry are leading criticisms
against the timetable 920 August 2019).
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ISA: Millions of Australians still robbed of super as
latest changes fall short
Legislation to close a loophole that lets employers rip
off workers who try and do the right thing by contributing to their
super through salary sacrifice is welcome, but doesn't go far
enough Industry Super Australia says (19 August 2019).
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One-in-two is extraordinary': report finds financial
sector misconduct affects half the population
The most common problems cited in the survey are
"inappropriate but not illegal" issues such as high fees,
being offered credit cards or increases to credit limits when not
requested, poor or misleading information and being charged for
services that were never received (19 August 2019 ).
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Taking action on the Banking, Superannuation &
Financial Services Royal Commission Implementation Roadmap
The Treasurer announces the Implementation Roadmap setting
out how the Government will deliver on its comprehensive response
to the Royal Commission. It is a reform package that represents the
largest and most comprehensive corporate and financial services law
reform process since the 1990s when the Corporate Law Economic
Reform Program began (19 August 2019).
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FSC welcomes Royal Commission Implementation
Roadmap
FSC welcomed the release of the Morrison Government's
Royal Commission implementation roadmap, confirming the
government's intent to act on all of the Commission's
recommendations by the end of 2020 (19 August 2019).
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Code Monitoring Australia submits proposal to ASIC
The FPA and a consortium of five other professional
associations have filed a formal submission with the Australian
Securities and Investments Commission (ASIC) on
behalf of Code Monitoring Australia Pty Ltd (CMA)
to advance a profession-wide solution to the monitoring of the
FASEA Code of Ethics (19 August 2019).
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NSW financial adviser banned for three years
According to ASIC, a review of advice Aujla provided as an
authorised representative of Infocus Securities Australia and
Chaucer Group revealed he failed to obtain adequate information
from clients about their personal circumstances and recommended new
insurance products without considering existing policies (16 August
2019).
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AFCA raises issues based on complaints about Forex
Financial Services
AFCA has received a high volume of complaints regarding
services allegedly provided by Forex Financial Services (16 August
2019).
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APRA opens margin requirement talks
Super funds and life insurers have two weeks to air their
opinions on APRA's proposed amendments to its margin
requirements for non-centrally cleared derivatives (15 August
2019).
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Former financial advisor and consultant charged with
dishonest conduct
Mark Damion Kawecki has been charged with five counts of
dishonest conduct. ASIC alleges that Mr Kawecki submitted
applications for shares which contained false or misleading
information about the beneficial holder of those shares and/or
false or misleading information about the applicant's address
(12 August 2019).
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Super trustees to formulate whistleblower policies
The corporate regulator is expecting superannuation
trustees to have whistleblower policies in place 1 January 2020 (12
August 2019).
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In practice and courts
Restoring trust in Australia's financial system:
Financial Services Royal Commission implementation roadmap
Department of the Treasury (Australia); Government of
Australia: 19 August 2019
The Morrison Government has released this strategy document to set
out how the government will deliver on its response to the Royal
Commission. The roadmap provides timelines for implementing the
federal government's response, in an attempt to provide some
clarity and certainty to consumers. More...
The impact of projections on superannuation
contributions, investment choices and engagement
George Smyrnis, Hazel Bateman, Isabella Dobrescu, Benjamin
Newell, Susan Thorp
ARC Centre of Excellence in Population Ageing Research: 16 August
2019
This report investigates the impact of retirement income
projections on superannuation contributions, investment choices and
engagement from fund members. More...
ASIC consultation: new guidance for companies on
whistleblower policies
ASIC is calling for public input on its proposed guidance
on the new legal obligation on companies to implement a
whistleblower policy, which must be made available to their
officers and employees by 1 January 2020. The Proposed Regulatory
Guide Whistleblower policies explains how companies can establish,
implement and maintain a policy. The consultation comments due by
18 September 2019.
More...
FPA Submissions
ASIC – CP311: Internal dispute resolution – Update to
RG 165
ASIC - 9 August 2019
ASFA Submissions
Submission to the Australian Securities and Investments
Commission (ASIC)
ASFA response to ASIC's Consultation Paper 311 Internal Dispute
Resolution: Update to RG 165
Full submission – 16 August 2019
Submission to the Senate Economics Legislation Committee
ASFA response to the inquiry into the Treasury Laws Amendment (2019
Tax Integrity and Other Measures No. 1) Bill 2019
Full submission – 15 August 2019
AIST Policy News - 22 August 2019
Govt releases timeline on Royal Commission
recommendations. ASIC to review progress on grandfathered
remuneration ban APRA data highlights industry consolidation.
More...
AIST Submissions
Tax Integrity Bill
15 August 2019 - AIST welcomes the changes which will
remove loopholes which presently allow employers to reduce the
Superannuation Guarantee (SG) entitlements of
employees who use salary sacrifice arrangements. AIST suggests that
the effectiveness of this measure could be enhanced by using gross
remuneration as the basis of calculation of the SG.
More...
APRA: Consultation on the Financial Sector
(Shareholdings) Rules 2019
Following the changes to the FSSA, APRA released for
consultation the Financial Sector (Shareholdings) Rules 2019 (FSSA
Rules). The FSSA Rules will provide clarity to owners of new
entrant financial sector companies on whether they are likely to be
approved under the FSSA 'fit and proper' test. On 21 August
2019, after an eight-week consultation period on the Financial
Sector (Shareholdings) Rules 2019 (FSSA Rules), APRA
published:
Letter: Response to
submissions Financial Sector (Shareholdings) Rules 2019 - August
2019
Financial Sector (Shareholdings) determination No.1 of
2019
Financial Sector
(Shareholdings) determination no. 1 of 2019 Explanatory
Statement
IASB proposed amendments to IFRS 3 Business
Combinations
The amendments would update a reference to the
Conceptual Framework for Financial Reporting without changing the
accounting requirements for business combinations. IFRS 3 specifies
how a company should account for the assets and
liabilities it acquires when it obtains control of a business. View
the
Exposure Draft Reference to the Conceptual Framework, Submit
your
comment letters here. Comments close 27 September 2019
ASIC consultation: foreign financial services providers
relief proposals
CP 301 sets out a proposal to enable foreign providers to apply
for a modified form of Australian financial services
(AFS) licence (foreign AFS licence). This follows
ASIC's review of the regulatory settings behind our foreign
providers relief. The current foreign provider licensing relief due
to sunset on 27 September 2018, will be extended until 30 September
2019 while we consult with stakeholders.
ASIC CP 300 Approval and oversight of compliance schemes
for financial advisers
The proposals in CP 300 Approval and oversight of
compliance schemes for financial advisers.
More...
Current AFCA Matters – July 2019
Digital
Rebl Pty Ltd and Media Rebl Pty Ltd
Forex
Capital Trading Pty Ltd
AGM
Markets Pty Ltd
Berndale
Capital Securities Pty Ltd
Bestjet
Travel Pty Ltd (Bestjet)
Viewble
Media and The Shoppers Network
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.