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Inside track: Superannuation, Funds Management & Financial Services

11 February 2019

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media 

Taking action on the Banking, Superannuation & Financial Services Royal Commission: Going further with a financial counselling review
The Coalition Government has agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report and, in a number of important areas, is going further, including conducting an immediate review of financial counselling services (07 February 2019).  More...  

Responsibility lies with management: EY
Royal Commissioner Kenneth Hayne’s emphasis on culture in his final report signals clearly that responsibility for misconduct lies with the senior management and boards of the entities involved, an executive at Ernst & Young (EY) has said (07 February 2019).  More... 

Over $860 million in super returned
Over 66,000 Australians have consolidated over $860 million in lost and forgotten superannuation in the last quarter of 2018. The superannuation was consolidated through myGov and the ATO (06 February 2019).  More... 

Regulators must act on Royal Commission recommendations to protect members in for-profit super funds
AIST CEO Eva Scheerlinck welcomed the recommendation to ban grandfathered commissions on profit-super funds, which the hearings had shown were still hurting members and impacting on their retirement outcomes (04 February 2019).  More... 

Statement from ASIC Chair James Shipton on the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
ASIC will consider the report carefully, particularly its recommendations on regulatory and enforcement practices. These recommendations, and the Government’s response, will inform ASIC’s priorities and strategic direction moving forward (04 February 2019).  More...  

Making a strong superannuation system even better
The superannuation policy reforms recommended by Commissioner Hayne will make our world class superannuation system even stronger, according to the Association of Superannuation Funds of Australia (ASFA). In the course of his forensic inquiry, the Commissioner has identified specific areas for improvement to ensure these standards are better applied in practice (04 February 2019).  More... 

RC recommends change to trustee obligations
Commissioner Kenneth Hayne said that trustees of registrable superannuation entities (RSEs) should be prohibited from assuming any obligations other than those arising from or in the course of their performance of the duties of a trustee of a superannuation fund (04 February 2019).  More...  

Trustees urged to reduce conflicts, lift game
Australia’s superannuation trustees will be forced to lift their game, their roles will be restricted to avoid conflict and they will be hit with civil penalties for failing to act in the best interests of members (04 February 2019).  More... 

Massive shake-up on the cards for superannuation
Trustees and executives in the $2.8 trillion superannuation sector will be subject to the same oversight as bank chiefs, millions of dollars in fees will be abolished, and workers will only be able to be defaulted into an account once – in a once-in-a-generation set of changes recommended by the banking royal commission (03 February 2019).  More...  

AFCA's response to the Royal Commission Final Report
AFCA note Commissioner Hayne’s recommendation, and the Government’s response, on the establishment of a compensation scheme of last resort, and also welcome the Commissioner’s recommendation in respect of section 912A of the Corporations Act 2001, to require that Australian Financial Services Licence holders take reasonable steps to cooperate with AFCA in its resolution of complaints (04 February 2019).  More... 

ASIC warns of equity raising conflicts
ASIC’s review of allocations in equity raising transactions has highlighted areas of improvement for both financial services licensees and issuers when raising equity on listed markets (24 January 2019).  More... 

In practice and courts

ASIC Audit inspection findings for 2017-18
ASIC issued a report on the results from its audit firm inspections  for the period 1 January 2017 to 30 June 2018. Directors are primarily responsible for the quality of the financial report. Audit quality supports financial reporting quality, and it is in the interests of directors and audit committees to support the audit process.  More...  

Treasury Consultation: early release of super
Treasury has released a further consultation paper containing over a dozen draft proposals related to the early release of superannuation. The draft proposals are informed by the findings from the first round of consultation on changes to the early release of superannuation rules. The consultation paper is available here. Interested stakeholders are encouraged to lodge a submission by 15 February 2019. 

Chris Lovell, Chairman
T: +61 3 9321 9832

Paul Faure, Partner
T: 61 3 9321 9904

Bill Glover, Partner 
T: 61 3 9321 9844

Kylie Wilson, Partner
T: 61 7 3135 0514

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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