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Inside track: Superannuation, Funds Management & Financial Services

24 August 2020

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media

Super key to COVID recovery: ASFA
ASFA has listed the ways in which super funds have supported infrastructure across transport and energy, as well as property and healthcare assets, in a new report titled 'The role of the superannuation industry in supporting the Australian economy' (20 August 2020). More...

ASIC cracks down on 42 SMSF auditors
The corporate watchdog has cancelled the registrations of 36 self-managed super fund auditors, while conditions have been imposed on a further six who had not maintained an appropriate level of audit experience (20 August 2020). More...

AFCA makes submission to ASIC’s product intervention power on add-on motor vehicle financial risk products consultation
The Australian Financial Complaints Authority (AFCA) has published its submission to ASIC’s consultation on the proposed use of its product intervention powers to address significant cons (19 August 2020).  More...

Government urged to cut the red tape afflicting financial advice
peak association representing the SMSF sector has used its supplementary 2020-21 Budget submission to again push for a simplification of the regulatory framework for financial advice, arguing such a change can play an important role in stimulating the economy post the COVID-19 pandemic (18 August 2020). More...

AFCA blames Govt policy, not funds on insurance inside super increases
The Government’s changes to insurance inside superannuation have been responsible for driving premium increases (18 August 2020).   More...

APRA publishes weekly data on the superannuation early release scheme
The Australian Prudential Regulation Authority (APRA) has published the latest industry-level and fund-level data on the temporary early release of superannuation scheme (17 August 2020).  More...

ATO initiates phase two of early super audit
The Tax Office has said it has commenced its second pilot seeking to hunt out individuals rorting the early super release scheme. To date, the ATO has not yet withdrawn any early super approval declarations or levied any fines against candidates (14 August 2020).   More..

Key super funds back ROA advice model
The Association of Superannuation Funds of Australia (ASFA) has backed Financial Services Council (FSC) calls for financial advice to be made more readily available using records of advice (ROAs) rather than statements of advice (SOAs) (12 August 2020).   More...

Scam alert: AFSA logo misused on request for US dollar transfer
AFSA has been made aware of a scam letter that includes the Australian Financial Security Authority logo, requesting US dollars in exchange for the release of a large sum of money (12 August 2020).  More...

ASFA urges consumer vigilance amid rising COVID-19 super fraud
The ASFA is urging super fund members to take extra precautions to protect against cybercrime, after The Australian Securities and Investments Commission (ASIC) revealed the extent of fraud linked to the Federal Government’s COVID-19 early release super scheme (12 August 2020).  More...

APRA to recommence prudential policy program and issuing of new licences
The APRA announced it will recommence public consultations on select policy reforms and begin a phased resumption of the issuing of new licenses, which will occur in two phases, with phase one starting in September 2020 and phase two in March 2021 (10 August 2020).  More...

In practice and courts

AFCA Submissions
19 August 2020 - AFCA's submission to ASIC – Using the product intervention power: add-on motor vehicle financial risk products

AFCA Newsletter
FCA News, contains case studies, articles and information that is relevant to members and consumers. View the Edition 8, August 2020

AFCA Current Matters
AFCA has paused processing complaints against insolvent firms. Read AFCA’s statement on the investigation of complaints about insolvent firms. Union Standard International Group Pty Ltd (Updated August 2020)

ASFA Research Papers – August 2020
The role of the superannuation industry, Andrew Craston, Director of Economics, ASFA
Improving productivity within superannuation, Maggie Kaczmarska, Senior Policy Advisor, ASFA and Fiona Galbraith, Director Policy, ASFA

ATO: Proposed Superannuation Guarantee amnesty
The proposed Superannuation Guarantee (SG) Amnesty (the proposed amnesty) and re-introduced the associated legislation into Parliament. Until the proposed amnesty law is enacted by Parliament, ATO will continue to apply the existing law to the SGC statements you lodge. For more information see here

Legislation

Commonwealth

Regulations

ASIC Corporations (Litigation Funding Schemes) Instrument 2020/787
21/08/2020 - This instrument provides exemptions to responsible entities of litigation funding schemes from certain provisions in Chapter 7 and Chapter 5C of the Corporations Act 2001 to facilitate the implementation of the regulatory framework for litigation funding schemes commencing on 22 August 2020. This instrument provides relief from the obligation to give Product Disclosure Statements to some members of an open class action; limited exemptions from the content requirements of product disclosure statements; modifications to withdrawal procedures for illiquid schemes in relation to litigation funding scheme members; an exemption from the general licensee duty to maintain a register of members; and an exemption from the obligations in relation to the valuation of scheme property.  

ASIC Corporations (Amendment) Instrument 2020/635
14/08/2020 - This instrument provides that the exemption from the requirement to hold an Australian financial services licence covering the provision of certain financial product advice (in limited circumstances), in ASIC Corporations (Financial Counselling Agencies) Instrument 2017/792, also applies where financial counselling services are provided to small businesses.

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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