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Inside track: Superannuation, Funds Management & Financial Services

14 January 2019

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media

Productivity Commission recommends immediate end to super-related trails
Financial planners are facing a total ban on trailing commissions attaching to superannuation advice under recommendations contained in the Productivity Commission’s final report on the competitiveness and efficiency of the superannuation industry (10 January 2019).  More...

Unions and employers to take hands off default selection
The Productivity Commission has sought to curtail the hand employers and unions have in determining default super options in its final report on the superannuation system, as well as standing by the somewhat controversial positions it took on aspects of the industry last year (10 January 2019).  More...

Australians could be $500k richer in retirement under proposed super shake-up
Super funds that underachieve over the long term would be booted from the industry under a proposal by the Productivity Commission, which has found that the current system is "harming millions of members" (10 January 2019).  More...

APRA welcomes Productivity Commission support for lifting superannuation member outcomes
The Australian Prudential Regulation Authority (APRA) has welcomed the Productivity Commission’s final report into superannuation efficiency and competitiveness as an important step towards delivering better outcomes for members (10 January 2019).  More...

Final productivity commission report into superannuation
The Liberal National Government has released the final report by the Productivity Commission into the efficiency and competitiveness of Australia's superannuation system. The final report found that while our superannuation system has served Australians reasonably well, there are significant issues that need to be addressed. The report is available on the Productivity Commission website. (10 January 2019).  More...

Any moves to transform Australia’s superannuation system must recognise and preserve its strengths
The Association of Superannuation Funds of Australia (ASFA) says that the Productivity Commission’s final report into the superannuation system contains a number of recommendations that would, if implemented, materially transform the industry and undermine the widely acknowledged strength of the system (10 January 2019).  More...

Government calls on senate to support super bills
With Industry Superannuation Funds (ISFs) set to overtake Self-Managed Super Funds (SMSFs) as the largest sector in Australian superannuation, Australians need the Coalition Government's Protecting Your Super Package (PYSP) and Member Outcomes No. 2 Legislation passed more than ever (9 January 2019).  More...

ASIC releases consultation paper on reform of fees and costs disclosure for superannuation and managed investment schemes
To assist industry in understanding the proposals, the consultation paper includes a proposed updated Regulatory Guide 97 disclosing fees and costs in PDSs and periodic statements (RG 97), as well as draft amendments to Schedule 10 of the Corporations Regulations (9 January 2019).  More...

ASIC loses superannuation advice case against Westpac
The Federal Court has handed down its decision on a critical case for the corporate regulator after it took action back in 2016 against two Westpac subsidiaries for failing to comply with the best interests duty. ASIC also argued that WSAL and BT Funds breached the AFSL conditions through this conduct and provided personal financial product advice to the customers (7 January 2019).  More...

ASIC temporarily extends disclosure related relief for superannuation funds
The Australian Securities and Investments Commission (ASIC) has extended an ASIC relief instrument to allow additional time to consider the policy position in relation to a disclosure-related obligation of superannuation trustees (19 December 2018).  More...

AUSTRAC builds resilience of superannuation sector with new guidance
AUSTRAC has released guidance to educate Australia’s Superannuation sector of the risks they face from criminal exploitation and how they can proactively combat financial crime (14 December 2018).  More...

In practice and courts

ASIC Class Order (CO 14/541)
The relief instrument was due to expire on 1 January 2019. This extension will maintain the status quo. CO 14/541 provides relief from section 29QC of the Superannuation Industry (Supervision) Act 1993. Section 29QC provides that if a superannuation fund trustee gives information to APRA under an APRA reporting standard, and the trustee gives the same or equivalent information to another person, or on a website, the fund trustee must ensure that the information is calculated in the same way as the information given to APRA.  

APRA Annual Superannuation Statistics for 2017/18
APRA releases annual superannuation statistics for 2017/18 financial year (21 December 2018).  More...

Treasury consultation: Early release of superannuation
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 on the Treasury website. 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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