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Inside track: Superannuation, Funds Management & Financial Services

02 June 2020

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media

AFCA receives more than 3100 complaints relating to COVID-19
The Australian Financial Complaints Authority (AFCA) has received over 3180 COVID-19 related financial complaints since the coronavirus (COVID-19) was declared a pandemic in March (27 May 2020).   More...

Government offers guidance provision relief
Company directors will not be liable for missing financial guidance targets for the next six months, after the government temporarily amended continuous disclosure provisions to help firms through COVID-19 (26 May 2020).   More...

ASIC bans former spectrum wealth adviser for five years
ASIC has banned Hunter Valley-based financial adviser Sean Philip Lewis from providing financial services for five years. Mr Lewis advised most of his clients to use a Limited Recourse Borrowing Arrangement (LRBA) to fund the purchase of real property through a self-managed superannuation fund (SMSF) (26 May 2020).  More...

74 tax practitioners in trouble over SMSFs
Seventy-four tax practitioners are going to have to explain themselves to the Tax Practitioners Board over  lodging incorrect “and perhaps fraudulent” self-managed superannuation fund (SMSF) annual returns (26 May 2020).  More...

Litigation funders to be regulated under the Corporations Act
Litigation funders do not face the same regulatory scrutiny and accountability as other financial services and products under the Corporations Act. The removal of these exemptions will require litigation funders to obtain an AFSL from the ASIC (22 May 2020).  More...

Beyond COVID – super’s future examined
Fee increases, more mergers and increased regulatory pressure are set to be key considerations for super funds heading into the second half of 2020 and beyond, according to new report on the super sector released this week by KPMG (21 May 2020). More...

AFCA launches new videos for diverse communities
The Australian Financial Complaints Authority (AFCA) is launching improved online resources in languages other than English to make it easier for all communities to access financial dispute resolution (22 May 2020).    More...

FPA releases consumer guide
The Financial Planning Association of Australia (FPA) has released a free guide to help consumers manage their finances during the crisis (21 May 2020).  More...

ISA insists scrutiny of early release is justified
MEDIA - 19 May 2020 - In circumstances where the Government’s superannuation early release scheme represents a 30-year departure (19 May 2020).   More...

ASFA welcomes recognition of members’ insurance decisions in Successor Fund Transfers (SFTs)
The Association of Superannuation Funds of Australia (ASFA) welcomes the Government’s decision to recognise members’ decisions about their insurance when their account is transferred either through a successor fund transfer (SFT) or a trustee initiated intra-fund transfer (18 May 2020).   More...

In practice and courts

AIST policy news - 21 May 2020
SuperMatch suspended | TPD COVID initiative | Deferral of Retirement Income Review. More...

AIST: Inquiry into future directions for the consumer data right
AIST supports the use of CDR to allow members to share relevant information with their super funds. This will allow super funds to tailor their services, increase member engagement and ultimately improve retirement outcomes for members (21 May 2020). More...

Disclaimer
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.

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