In the media
Treasury Laws Amendment (Putting Consumers First -
Establishment of the Australian Financial Complaints Authority)
Bill 2017
TIMEBASE – 15 September 2017 - Yesterday, 14 September 2017,
Senator the Hon James McGrath Introduced the Treasury Laws
Amendment (Putting Consumers First – Establishment of the
Australian Financial Complaints Authority) Bill 2017 (the
Bill). Currently before the Senate, the Bill's
purpose is to overhaul the dispute resolution framework of the
financial system by establishing a new, not-for profit dispute
resolution body, the Australian Financial Complaints Authority
('AFCA'), thus allowing consumers and small businesses to
obtain access to "free, fast and binding dispute resolution.
More...
Insurance in super benefits recipients and the budget
bottom line
ASFA – 15 September 2017 - A
new report released today by the ASFA reveals the benefits of
insurance in superannuation. The report author, ASFA Director of
Research Ross Clare, said most death, disability and income
protection insurance held by Australians was provided through
superannuation and without it, many people would have no insurance
protection at all.
More...
Government tries again on legislation to overhaul superannuation funds MEDIA – 15 September 2017 - Financial Services Minister Kelly O'Dwyer rejects claims that reintroduced legislation to overhaul the governance of superannuation funds is ideological. More...
Financial adviser sentenced for making false statements
to ASIC
ASIC – 15 September 2017 - The charges, which follow an ASIC
investigation, allege that on or about 3 August 2016, and in
support of an application for an Australian financial services
licence, Mr Davie made statements that were false or misleading.
More...
Latest superannuation reforms will improve consumer
outcomes
FSC – 14 September 2017 - The Minister for Revenue and
Financial Services, the Hon Kelly O'Dwyer, has today introduced
to Parliament a suite of reforms designed to make superannuation
more transparent and accountable to consumers. The Financial
Services Council (FSC) supports the range of
measures that will improve our $2.3 trillion retirement savings
system.
More...
Government caves into banks in plans to dismantle
industry super governance
ISA – 14 September 2017 - Superannuation bills introduced by
the Coalition Government into Federal Parliament today risk
dismantling the not for profit superannuation sector and giving the
banks a 'leave pass' on some new transparency and
disclosure requirements.
More...
Ombudsman slams one-stop-shop
announcement
CIO – 14 September 2017 - The Ombudsman and Chief Executive
of the Credit and Investments Ombudsman (CIO), Raj
Venga, has excoriated the government's move to introduce
legislation into the Senate to create a 'one-stop-shop'
ombudsman, the Australian Financial Complaints Authority
(AFCA), stating it will neither provide better
consumer outcomes nor be able to address past, or prevent future,
financial scandals. More...
Super new plan for first homebuyers
New laws allowing first homebuyers to use their superannuation
accounts to save for a deposit have been announced by Assistant
Minister to the Treasurer, Michael Sukkar. The initiative,
previously foreshadowed in the Budget, will allow prospective first
homebuyers to save for a deposit inside superannuation through the
First Home Super Saver Scheme (FHSSS) (12
September 2017).
More...
Government should prioritise member interests and not
cave into bank lobbying on super governance
ISA -11 September 2017 - Industry Super Australia has urged the
government to prioritise unpaid super, the super gender gap and
multiple accounts rather than cave into bank-lobbying to dismantle
the industry super governance model.
More...
Industry Super welcomes Xenophon Team Bill to tackle
unpaid super
ISA – 11 September 2017 - A Bill introduced into federal
Parliament today that would align super guarantee
(SG) payments to the wage cycle, and abolish the
monthly $450 threshold, has been welcomed by Industry Super
Australia.
More...
Queensland financial adviser banned for failing to act
in clients' best interests
ASIC – 08 September 2017 - ASIC found that Mr Toledo failed
to act in the best interests of his clients when advising them to
establish self-managed superannuation funds (SMSF)
to purchase properties.
More...
Gig economy workers missing out on super
MEDIA – 07 September 2017 - Low-paid, unskilled workers who
rely on the gig economy to make a living are missing out on
mandatory employer superannuation, according to Australia's
peak super body.
More...
Principal of Sherwin Financial Planners pleads guilty to
fraud
ASIC – 08 September 2017 - The former Principal of Sherwin
Financial Planners Pty Ltd and Chairman of Wickham Securities Ltd
has today pleaded guilty to 25 charges brought by ASIC, arising out
of the collapse of his financial planning business.
More...
Super and retirement incomes at stake in the gig
economy?
ASFA - 07 September 2017 - The Association of Superannuation Funds
of Australia (ASFA) today released a
discussion paper on the changing nature of work and the
implications of this for Australian workers, including their
superannuation. According to ASFA CEO Dr Martin Fahy, the rise of
the gig economy will have potentially profound effects on the
nature of work and on the relationships between workers and those
who engage them.
More...
Industrial awards system leaves superannuation consumers
worse off
FSC – 06 September 2017 - The Fair Work Commission's
default superannuation fund process has resulted in as much as $94
billion being trapped in subscale funds leaving up to 1.7 million
members potentially hundreds of thousands of dollars worse off in
retirement. New analysis of APRA and modern awards data by the
Financial Services Council (FSC) shows that there
are 33 funds listed under modern awards that manage less than $10
billion in funds.
More...
Published – articles, papers, reports
ASFA Research Papers September 2017
The experience of individuals with insurance through
superannuation, Ross Clare, Director of Research, ASFA
Superannuation and the Changing Nature of Work: Discussion
paper, Andrew Craston, Senior Research Advisor, ASFA
In practice and courts
ASFA Submissions
Submission to Australian Prudential Regulation Authority
(APRA)
Re: Consultation on APRA's superannuation operational
governance proposals (13 September 2017).
More...
AIST Submissions
Strengthening operational governance of RSE licensees to
APRA
AIST supports the member outcomes test proposed for all
superannuation products provided the role of net returns are not
diluted. AIST also submits that the existing regulatory framework
provides APRA with sufficient power to address governance
weaknesses.
More...
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.
Cases
Oze-Igiehon v Uber Technology Inc [2017] FCA
1024
SUPERANNUATION – superannuation guarantee scheme –
liability for superannuation guarantee charge – consideration
of who has standing to make a claim for proper superannuation
guarantee payments. PRACTICE AND PROCEDURE – application to
amend addresses of service to overseas addresses –
application to join the Commissioner of Taxation and Fair Work
Ombudsman as third parties to the proceedings.
Superannuation Guarantee (Administration) Act 1992 (Cth)
ss 12, 15B, 16, 17, 19 and 43.
Legislation
Commonwealth
Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017 14/09/2017 - Schedule 1 to this Bill amends the Superannuation Industry (Supervision) Act 1993 (SIS Act) to introduce new trustee arrangements requiring registrable superannuation (RSE) licensees to have at least one-third independent directors and for the Chair of the Board of directors to be one of these independent directors.
Treasury
Laws Amendment (Improving Accountability and Member Outcomes in
Superannuation Measures No. 1) Bill 2017
14/09/2017 – Schedule 1 to this Bill amends the
Superannuation Industry (Supervision) Act 1993
(SIS Act) to strengthen the obligation on
superannuation trustees to consider the appropriateness of their
MySuper product offering annually including how that product
continues to deliver appropriate outcomes to MySuper members.
Treasury
Laws Amendment (Putting Consumers First—Establishment of the
Australian Financial Complaints Authority) Bill
2017
14/09/2017 - This Bill will amend the Corporations Act
2001 (Corporations Act) and other
Commonwealth Acts to introduce a new external dispute resolution
(EDR) framework and an enhanced internal dispute
resolution (IDR) framework for the financial
system. The new EDR framework will ensure that consumers have easy
access to a single EDR scheme, known as the Australian Financial
Complaints Authority (AFCA), which will resolve
disputes about products and services provided by financial
firms.
Treasury
Laws Amendment (Improving Accountability and Member Outcomes in
Superannuation Measures No. 2) Bill 2017
14/09/2017 – Schedule 1 of this Bill amends the
Superannuation Guarantee (Administration) Act 1992
(SGAA) to ensure employees under workplace
determinations or enterprise agreements have an opportunity to
choose the superannuation fund for their compulsory employer
contributions. This measure applies to new workplace determinations
and enterprise agreements made on or after 1 July 2018.
Treasury
Laws Amendment (Reducing Pressure on Housing Affordability Measures
No. 1) Bill 2017
08/09/2017 - Schedule 1 to the Treasury Laws Amendment
(Reducing Pressure on Housing Affordability Measures No.1) Bill
2017 (the Bill) establishes the First Home
Super Saver Scheme. The First Home Super Saver Scheme applies to
voluntary contributions that are made into superannuation on or
after 1 July 2017. Such contributions can be withdrawn under the
Scheme from 1 July 2018.
First
Home Super Saver Tax Bill 2017
07/09/2017 - Schedule 1 to the Treasury Laws Amendment
(Reducing Pressure on Housing Affordability Measures No.1) Bill
2017 (the Bill) establishes the First Home
Super Saver Scheme, which allows individuals who are saving for
their first home to take advantage of the concessional taxation
arrangements that apply to the superannuation system.
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.