In the media
Super key to COVID recovery: ASFA
ASFA has listed the ways in which super funds have
supported infrastructure across transport and energy, as well as
property and healthcare assets, in a new report titled
'The role of the superannuation industry in
supporting the Australian economy' (20 August 2020).
More...
ASIC cracks down on 42 SMSF auditors
The corporate watchdog has cancelled the registrations of
36 self-managed super fund auditors, while conditions have been
imposed on a further six who had not maintained an appropriate
level of audit experience (20 August 2020).
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AFCA makes submission to ASIC's product intervention
power on add-on motor vehicle financial risk products
consultation
The Australian Financial Complaints Authority
(AFCA) has published its submission to ASIC's
consultation on the proposed use of its product intervention powers
to address significant cons (19 August 2020).
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Government urged to cut the red tape afflicting
financial advice
peak association representing the SMSF sector has used
its supplementary 2020-21 Budget submission to again push for a
simplification of the regulatory framework for financial advice,
arguing such a change can play an important role in stimulating the
economy post the COVID-19 pandemic (18 August 2020).
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AFCA blames Govt policy, not funds on insurance inside
super increases
The Government's changes to insurance inside
superannuation have been responsible for driving premium increases
(18 August 2020).
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APRA publishes weekly data on the superannuation early
release scheme
The Australian Prudential Regulation Authority
(APRA) has published the latest industry-level and
fund-level data on the temporary early release of superannuation
scheme (17 August 2020).
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ATO initiates phase two of early super audit
The Tax Office has said it has commenced its second pilot
seeking to hunt out individuals rorting the early super release
scheme. To date, the ATO has not yet withdrawn any early super
approval declarations or levied any fines against candidates (14
August 2020).
More..
Key super funds back ROA advice model
The Association of Superannuation Funds of Australia
(ASFA) has backed Financial Services Council (FSC) calls for
financial advice to be made more readily available using records of
advice (ROAs) rather than statements of advice (SOAs) (12 August
2020).
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Scam alert: AFSA logo misused on request for US dollar
transfer
AFSA has been made aware of a scam letter that includes
the Australian Financial Security Authority logo, requesting US
dollars in exchange for the release of a large sum of money (12
August 2020).
More...
ASFA urges consumer vigilance amid rising COVID-19 super
fraud
The ASFA is urging super fund members to take extra
precautions to protect against cybercrime, after The Australian
Securities and Investments Commission (ASIC) revealed the extent of
fraud linked to the Federal Government's COVID-19 early release
super scheme (12 August 2020).
More...
APRA to recommence prudential policy program and issuing
of new licences
The APRA announced it will recommence public consultations
on select policy reforms and begin a phased resumption of the
issuing of new licenses, which will occur in two phases, with phase
one starting in September 2020 and phase two in March 2021 (10
August 2020).
More...
In practice and courts
AFCA Submissions
19 August 2020 - AFCA's
submission to ASIC – Using the product intervention power:
add-on motor vehicle financial risk products
AFCA Newsletter
FCA News, contains case studies, articles and information
that is relevant to members and consumers. View the Edition
8, August 2020
AFCA Current Matters
AFCA has paused processing complaints against insolvent
firms. Read
AFCA's statement on the investigation of complaints about
insolvent firms.
Union Standard International Group Pty Ltd (Updated August
2020)
ASFA Research Papers – August 2020
The role of the superannuation industry, Andrew Craston,
Director of Economics, ASFA
Improving productivity within superannuation, Maggie
Kaczmarska, Senior Policy Advisor, ASFA and Fiona Galbraith,
Director Policy, ASFA
ATO: Proposed Superannuation Guarantee amnesty
The proposed Superannuation Guarantee (SG) Amnesty (the
proposed amnesty) and re-introduced the associated legislation into
Parliament. Until the proposed amnesty law is enacted by
Parliament, ATO will continue to apply the existing law to the
SGC statements you lodge. For more information see
here .
Legislation
Commonwealth
Regulations
ASIC
Corporations (Litigation Funding Schemes) Instrument
2020/787
21/08/2020 - This instrument provides exemptions to
responsible entities of litigation funding schemes from certain
provisions in Chapter 7 and Chapter 5C of the Corporations Act 2001
to facilitate the implementation of the regulatory framework for
litigation funding schemes commencing on 22 August 2020. This
instrument provides relief from the obligation to give Product
Disclosure Statements to some members of an open class action;
limited exemptions from the content requirements of product
disclosure statements; modifications to withdrawal procedures for
illiquid schemes in relation to litigation funding scheme members;
an exemption from the general licensee duty to maintain a register
of members; and an exemption from the obligations in relation to
the valuation of scheme property.
ASIC
Corporations (Amendment) Instrument
2020/635
14/08/2020 - This instrument provides
that the exemption from the requirement to hold an Australian
financial services licence covering the provision of certain
financial product advice (in limited circumstances), in ASIC
Corporations (Financial Counselling Agencies) Instrument 2017/792,
also applies where financial counselling services are provided to
small businesses.
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.