15 November 2021
ASFA supports super portfolio disclosure regulations
Media – 12 November 2021 – changes to the superannuation portfolio holdings disclosure regulations will achieve greater transparency for consumers, according to the Association of Superannuation Funds of Australia. More...
Superannuation portfolio holdings disclosure
TREASURY – 11 November 2021 – in a major boost to superannuation transparency, Australians will have access to information about how superannuation funds are investing their money following the finalisation of new regulations dealing with portfolio holdings disclosure by superannuation funds. More...
APRA sets out framework for using macroprudential tools to promote financial stability
APRA – 11 November 2021 – the Australian Prudential Regulation Authority (APRA) has set out its framework for the use of macroprudential policy measures to promote the stability of Australia’s financial system. More...
APRA urges super members to prioritise their own best financial interests
APRA – 10 November 2021 – the APRA is urging superannuation members – especially those whose MySuper products failed the recent performance test – to more actively engage with their super to maximise their retirement futures. More...
ASIC releases guidance and examples on records of advice
ASIC – 05 November 2021 – ASIC has released an information sheet on records of advice (ROA) and three ROA examples to provide clarity to financial advisers and advice. More...
ASIC obtains Federal Court orders against unlicensed investment scheme A One Multi Services
ASIC – 04 November 2021 – ASIC has moved to shut down unlicensed financial services business A One Multi Services Pty Ltd (A One Multi), which is suspected to be engaging in unlawful activity and protect investors. More...
The Financial Accountability Regime (FAR) progresses
FSC – 03 November 2021 – the FSC notes that the FAR Bill is substantially the same as the exposure draft circulated for public consultation in July 2021, although there have been a number changes including (a) imposing legal obligations on auditors and actuaries to assist APRA with investigations, (b) imposing accessorial liability on accountable persons in certain circumstances, and (c) allowing the regulator to publicly disclose certain details of the register of accountable persons. More...
'Your Super Follows You'
TREASURY – 01 November 2021 – from 1 November 2021, where an employee has an existing superannuation account, that account will be ‘stapled’ and follow them when they change jobs. This means employers will now pay super contributions into their new employee’s existing super account unless the employee nominates a different account. More...
Members urged to check their super as stapling begins
AIST – 01 November 2021 – as stapling measures come into effect, AIST has urged Australian workers to ensure they’re happy with the performance of their super fund and not risk getting stapled to a dud for life. More...
ASIC commences proceedings against Ferratum Australia for charging prohibited credit fees
ASIC – 01 November 2021 – ASIC has commenced civil penalty proceedings in the Federal Court against Ferratum Australia Pty Ltd (Ferratum) for charging prohibited fees and and overcharging consumers who paid off loans early. More...
Super fund trustee snouts in the trough
MEDIA – 01 November 2021 – the country’s $3.3 trillion superannuation industry has been rocked by revelations that some could have been switching their investment funds for personal gain. It’s the latest scandal to hit the country’s $3.3 trillion investment management industry, and this time around it has the potential to tarnish the reputation of many of the country’s industry super funds (01 November 2921). More...
10/11/2021 PF 209 Australian financial services licence conditions (reissued)
Condition 54 amended to better align its wording with paragraph 7.6.01(1)(na) of the Corporations Regulations and to include an administrative requirement for licensees to maintain a register of their related overseas financial service providers who rely on the exemption under that paragraph.
02/11/2021 INFO 155 Shorter PDSs – complying with requirements for superannuation products and simple managed investment schemes (reissued)
Miscellaneous technical amendments to update, re-order and simplify guidance including: Removal of introductory Stronger Super content; insertion of a new Table 1 and insertion of a new column in the former Table 1 (now Table 2) outlining the products to which the shorter PDS warnings listed are applicable; and the addition of a new section titled ‘What is a simple managed investment scheme?’ moved from INFO 133.
Withdrawn: INFO 133 Shorter PDS regime – superannuation managed investment schemes and margin lending (relevant information has been incorporated into INFO 155).
ASIC Industry funding: 2020-21 Cost Recovery Implementation Statement (CRIS)
The statement details ASIC’s estimated levies by industry sector and subsector. ASIC released the draft CRIS in July 2021 (ASIC MR21-185) for industry feedback. The final statement summarises the feedback we received. The actual levies will be published in December 2021 and invoiced in January 2022 (11 November 2021). More...
ASIC Corporations (Amendment) Instrument 2021/381
Amends the ASIC Corporations (Auditor Independence) Instrument 2021/75 and ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 to change the repeal dates from April 2026 to April 2024.
APRA publishes additional FAQs on the Superannuation Data Transformation Phase 1 reporting standards
The APRA has published 4 additional frequently asked questions (FAQs) to provide further guidance to RSE licensees on the reporting standards for Phase 1 of the Superannuation Data Transformation project. The FAQs are available on the APRA website at: Frequently Asked Questions – Superannuation Data Transformation (04 November 2021).
APRA publishes new frequently asked questions on Your Future, Your Super performance test
The APRA has published two new frequently asked questions (FAQs) to provide further general guidance on the Government’s Your Future, Your Super performance test. The FAQs are available on the APRA website at: Your Future, Your Super Frequently Asked Questions (03 November 2021).
AIST Legislation updates
Stay up to date with the status of legislation in Australia's parliament
Superannuation Legislation update – 11 November 2021
Superannuation Legislation update – 4 November 2021
Corporations Amendment (Portfolio Holdings Disclosure) Regulations 2021
11/11/2021 – this instrument amends the Corporations Regulations 2001 to provide how information made publicly available under the portfolio holdings disclose regime is to be organised.
Auditing Standard ASA 2021-5 Amendments to Australian Auditing Standards
08/11/2021 – this instrument amends ASA (Australian Auditing Standards) 101, 200, 240, 330, 502, 540, 550, 560, 570, 610, 620, 710 and ASRE (Auditing Standard on Review Engagement) 2415. The amendments represent editorial corrections to revise minor inaccuracies, including misspellings and numbering or grammatical mistakes.
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.