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Inside track: Superannuation, Funds Management & Financial Services

11 February 2020

#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 – passing legislation to protect consumers and small businesses
The Morrison Government has passed legislation through the Parliament to enhance protections for consumers and small businesses and to strengthen the role of financial regulators (06 February 2020).  More... 

Retirement review needs to capture member’s entire life
The Retirement Income Review should undertake modelling from an individual member’s perspective over a lifetime to fully capture a member’s interaction with the system, according to PwC (6 February 2020).  More... 

AMP to pay $5.175 million penalty for failing to prevent insurance churn by its financial planners
The Federal Court has ordered AMP to pay a $5.175 million penalty after the court found AMP failed to take reasonable steps to ensure its financial planners complied with the best interests duty and related obligations under the Corporations Act (05 February 2020).   More... 

Time to address inequities – AIST to retirement income review
Though most of the public discussion of super has focussed on the Super Guarantee rate, AIST has strongly urged the Retirement Income Review to address the real inequities of the system (05 February 2020).  More... 

AFCA responds to compensation scheme of last resort consultation
The Australian Financial Complaints Authority (AFCA) has reconfirmed its strong support for creating a compensation scheme of last resort (CSLR) in a submission published (05 February 2020).   More... 

The PDS is weak: Rice Warner
New insights from Rice Warner claim product disclosure statements are weak in their ability to actually inform or protect consumers (03 February 2020).   More... 

ASFA: Retirement system objectives critical to successful public policy
The Association of Superannuation Funds of Australia (ASFA) has called for the Retirement Income Review to articulate and maintain the important role superannuation plays in lifting the living standards of Australians in retirement (03 February 2020).  More... 

Taking action on the Banking, Superannuation & Financial Services Royal Commission – consultation on exposure draft legislation
The Coalition Government has released for consultation draft legislation to implement 22 recommendations and two additional commitments from the Banking, Superannuation & Financial Services (31 January 2020 ).   More... 

AFCA supports the current exemption for claims handling in insurance cases being removed, so it is treated as a 'financial service'
The Australian Financial Complaints Authority (AFCA) has welcomed the opportunity to make a submission on the implementation of Recommendation 4.8 from the financial services Royal Commission (30 January 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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Chris Lovell

Chris Lovell

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Melbourne

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Kylie Wilson

Kylie Wilson

Partner

Brisbane

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