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Inside track: Superannuation, Funds Management & Financial Services

29 January 2019

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media

Super fund censured for delayed SMSF rollover
An SMSF accountant has been charged with multiple counts of criminal conduct and fraud after misusing investor funds, and making false and misleading statements to investors (24 January 2019).   More... 

FSC code doesn’t address ‘junk’ insurance
Group insurance should be the subject of an enforceable code of conduct overseen by the Australian Securities and Investments Commission (ASIC) in circumstances where some group policies have been reduced to little more than “junk insurance”, according to the Australian Lawyers Alliance (ALA) (24 January 2019).   More... 

Rice Warner warns PC report has 'fundamental flaws'
Rice Warner has warned that the Productivity Commission’s final recommendations could lead to a worse superannuation system than that which we already have, suggesting that a defensive stance from the Commission in its final report had led to claims being made without sufficient evidence (24 January 2019).   More...

AMP takes hit in super rankings
New research from Roy Morgan has confirmed that industry superannuation would be the net winners from the Productivity Commission’s (PC’s) recommendation for a short-list of top-performing funds but has warned such a list needs to take member perceptions into account (22 January 2019).  More... 

Profit-to-member funds embrace Insurance in Super Code
Over 96% of the members of profit-to-member super funds are now covered by the Insurance in Super Code of Practice, according to the Australian Institute of Superannuation Trustees (AIST) (21 January 2019).  More... 

Consultation on mutually-owned financial institutions tax changes open
The Morrison Government continues to promote competition in our banking system with today's release of draft regulations to change the tax rules relating to the treatment of certain financial instruments issued by mutually-owned financial institutions (21 January 2019).   More....

IPA calls for greater clarification of super trustee obligations
Given the findings of the Hayne Royal Commission and the Productivity Commission’s recent superannuation report, the Institute of Public Accountants (IPA) has called for greater guidance and clarification in the Retirement Income Covenant around the obligations of superannuation fund trustees (17 January 2019).  More....

In practice and courts

FSC: Life Code consultation now open until 31 January
Consultation on the new Code governing the conduct and practices of life insurance members of the Financial Services Council (FSC) has been extended until 31 January 2019. The draft FSC Life Insurance Code of Practice is designed to lift standards in product design, sales, underwriting, customer service, complaints and claims handling.  More...  

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry: Interim report
This report covers policy related issues arising from the first four rounds of hearings. Additional topics, including superannuation and insurance, will be covered in the final report due by 1 February 2019.

Treasury Consultation: Early release of super
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

Gazette - Superannuation Industry (Supervision) Act 1993
21/01/2019
Notice of disqualification - Michael Sampson

16/01/2019
Notice of disqualification - Assam Makari

15/01/2019
Notice of disqualification - Anthony Cibik

Cases

McVeigh v Retail Employees Superannuation Pty Ltd [2019] FCA 14
PRACTICE AND PROCEDURE – Application for maximum costs order pursuant to r 40.51 of Federal Court Rules 2011 (Cth) – whether maximum costs order should be made – whether proceedings in public interest – whether application premature – where Applicant claims breaches of statutory and equitable duties of superannuation trustee regarding climate change risks – where Applicant indemnified by third party to a maximum amount. 

Contacts:
Melbourne
Chris Lovell, Chairman
T: +61 3 9321 9832
E: chris.lovell@holdingredlich.com

Paul Faure, Partner
T: 61 3 9321 9904
E: paul.faure@holdingredlich.com

Bill Glover, Partner 
T: 61 3 9321 9844
E: bill.glover@holdingredlich.com

Brisbane
Kylie Wilson, Partner
T: 61 7 3135 0514
E: kylie.wilson@holdingredlich.com

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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