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Inside track: Superannuation, Funds Management & Financial Services

24 February 2020

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media 

Retirees face an acceleration in the rise of living costs
The ASFA Retirement Standard December quarter 2019 figures indicate that couples aged around 65 need to spend $62,269 per year and singles $44,146, up 0.8 per cent for each on the previous quarter (18 February 2020).  More... 

Trustees ‘falling short’ in explaining super reforms, says ASIC
A number of fund trustees are failing to properly explain to members the changes in super laws that could affect their accounts, an Australian Securities and Investments Commission review says (17 February 2020).   More... 

FSC canvasses capital requirements for advice licensees
14 February 2020 - Other sectors of the financial services industry should not be made to fund client losses generated by financial advisers under a compensation scheme of last resort (CSLR), according to the Financial Services Council (FSC) (14 February 2020).  More...

APRA and ASIC welcome law reform on superannuation regulator roles
The APRA and the ASIC have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation.   The changes to ASIC’s role will be accompanied by an enhancement in the close co-operation and collaboration between the two regulators, which was strengthened by a Memorandum of Understanding updated last year (14 February 2020).  More...

Deducting advice fees from member accounts gets thumbs-up
Actuarial research house, Rice Warner has used its submission to the Government’s Retirement Income Review to point to the lack of good data and to cite the “obscurity of current legislation” which makes it difficult to deliver advice efficiently (13 February 2020).   More...

WTW urges caution on APRA heatmaps
International consultancy Willis Towers Watson has encouraged superannuation funds to use the Australian Prudential Regulation Authority’s (APRA’s) heatmaps with caution because they could be misleading for some funds (11 February 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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