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Inside track: Superannuation, Funds Management & Financial Services

28 July 2020

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media

ASIC releases minor updates to RG 97
ASIC released minor amendments to the fees and cost disclosure regime for issuers of superannuation and managed investment products (24 July 2020).  More...

Advice should cost $200 to $300: Actuaries Institute
A regulatory framework is needed for affordable financial advice for retirees in the price range of $200 to $300 which could be through single issue scaled advice, or a modified version of intra-fund advice, according to the Actuaries Institute (23 July 2020).   More...

ASIC suspends OTC derivatives issuer
The corporate regulator has suspended the Australian financial services licence of Union Standard International Group (21 July 2020).   More...

FSC backs policies to promote Australia as a financial services hub
FSC reforms would build on Australia’s existing strengths including our high quality education and training sector, the rule of law, our political stability, and our well-established funds management industry servicing Australia’s superannuation sector (16 July 2020).   More...

More not-for-profit fund PRI signatories than retail funds
There is a clear lack of Principles of Responsible Investment (PRI) signatories when it comes to retail superannuation funds, compared to not-for-profit funds, according to a report (16 July 2020).  More...

Second wave of withdrawals sees nearly $30b taken out of super funds
The new financial year has triggered what some are describing as a fresh "run" on superannuation funds as the Government's early withdrawal scheme allows people to take out another $10,000 (16 July 2020).   More...

In practice and courts

APRA confirms second tranche early release surge
The Australian Prudential Regulation Authority has confirmed a surge in second tranche early release applications) (14 July 2020).   More...

APRA letter to superannuation licensees on upcoming legislative obligations
The APRA has written to registrable superannuation entity (RSE) licensees reaffirming its expectations regarding two key regulatory requirements - to undertake a Business Performance Review by 31 December 2020, and an outcomes assessment by 28 February 2021. View the letter here (23 July 2020).

APRA weekly data on the superannuation early release scheme
The APRA has published the latest industry-level and fund-level data on the temporary early release of superannuation scheme. The Early Release Initiative statistics for applications received between 20 April - 12 July 2020 are available on the APRA website here (20 July 2020).

ASIC Update: RG 97 Disclosing fees and costs in PDSs and periodic statements
RG 97 provides guidance on how fees and costs should be disclosed in Product Disclosure Statements (PDSs) and periodic statements.
Transition period and July 2020 amendments - For PDSs, the new requirements will apply to PDSs given on or after 30 September 2022. Issuers may elect to apply the updated PDS requirements from 30 September 2020 (24 July 2020).  More...

ASIC Consultation Paper 330 (CP 330)
ASIC has released Consultation Paper 330 (CP 330) on the proposed use of its product intervention power to address significant detriment it has identified in the continuing credit industry. ASIC is concerned that the continuing credit products are likely to result in significant detriment due to borrowers incurring very high cost, relative to the loan amount (09 July 2020).  More...


Day v SAS Trustee Corporation [2020] NSWDC 381
Held: the term “at the time of the member’s resignation” does not mean on his last day of service or the day after that. The words must be construed in the context of a  superannuation  scheme. Semble, the decision maker must be satisfied both at the time of certification and at the time of resignation that the member of the scheme was suffering from the infirmity of mind (or body) alleged. The infirmity must be indefinite at the time of resignation, not temporary or transient, Dicta of IRC in Court Session adopted.

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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