In the media
Superannuation funds to start disclosing subplan
information on websites from 1 July 2017
ASIC – 19 January 2017 - ASIC has written to trustees of
superannuation funds with employer subplans reminding them of the
requirement to publicly disclose transparency information for those
subplans from 1 July 2017. The requirement to report this
information follows the expiry of transitional interim relief on 30
June 2017.
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Expulsion proves code enforcement says
FPA
MEDIA – 19 January 2017 - An expulsion from the FPA is proof
of the organisation's willingness to enforce its code of
conduct, according to FPA chief executive, Dante De Gori. Financial
Planning Association (FPA) chief executive, Dante De Gori has
pointed to an expulsion imposed by his organisation's Conduct
Review Commission (CRC) as proof that the FPA is prepared to back
its code of conduct with action.
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Two planners sanctioned in FPA review
MEDIA – 19 January 2017 - The FPA has expelled a financial
planner member for cheating on his CFP, while another awaited an
outcome after acting dishonestly in relation to insurance
applications. The FPA has made two determinations against two of
its financial planner members: one for dishonest conduct in
relation to insurance applications and another for cheating on a
Certified Financial Planner (CFP) certification exam.
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Patronising and impoverished Grattan grab for attention
on super objective
ASFA – 13 January 2017 - The Association of Superannuation
Funds of Australia (ASFA) today strongly repudiated claims made by
the Grattan Institute that the age pension and rent assistance
would provide an adequate or acceptable retirement for Australians.
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FPA calls to enforce super objective
FPA – 13 January 2017 - The FPA has raised concerns with the
arrangements for compliance around the government's proposed
objective of superannuation, pointing to the lack of mechanisms
available to assess the effectiveness of new legislation.
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In practice and courts
Consumer protection in the banking, insurance and
financial sector
On 29 November 2016, the Senate referred an inquiry into the
regulatory framework for the protection of consumers, including
small businesses, in the banking, insurance and financial services
sector (including Managed Investment Schemes) to the Senate
Economics References Committee for inquiry and report by the last
sitting day of the autumn sittings of 2018. Submissions close on 7
March 2017.
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Scrutiny of financial advice
The inquiry lapsed at the end of the 44th Parliament. On 11 October
2016, the Senate agreed to the committee's recommendation that
this inquiry be re-adopted in the 45th Parliament. The committee is
due to report by 30 June 2017.
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Development of the framework for Comprehensive Income
Products for Retirement: discussion paper
The Government has released a discussion paper exploring key policy
issues to facilitate further development of a framework for the
retirement phase of the superannuation system (Comprehensive Income
Products for Retirement, or MyRetirement products). The discussion
paper is available on the
Treasury Consultation Hub. Written submissions are due by 28
April 2017.
ASIC extends the transition period for superannuation
and retirement calculators
ASIC has extended to 1 July 2018 the time that providers of
retirement and superannuation calculators have to comply with the
new requirement that generic financial calculators must account for
inflation. See
RG 167; ASIC
Corporations (Generic Calculators) Instrument 2016/207 and
ASIC
Corporations (Amendment) Instrument 2016/1090
Superannuation Guarantee non-payment
On 1 December 2016, the Senate referred an inquiry into the
Superannuation Guarantee to the Senate Economics References
Committee for inquiry and report by 22 March 2017. Submissions
close on 17 February 2017.
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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.
Legislation – Commonwealth
Financial
Sector (Collection of Data) (reporting standard) determination No.
1 of 2017 - Reporting Standard SRS 534.0 Derivative Financial
Instruments
13/01/2017 - This instrument determines Reporting Standard SRS
534.0 Derivative Financial Instruments by clarifying reporting
regarding directly held over the counter derivatives. The revisions
enable RSE licensees to report a counterparty rating grade of
'not applicable' at item 3 on SRS 534.0.
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.