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Inside track: Superannuation, Funds Management & Financial Services

06 May 2020

#Superannuation, Funds Management & Financial Services

Inside track: Superannuation, Funds Management & Financial Services

In the media

Former Spectrum Wealth, NAB advisers banned
ASIC has permanently banned an ACT financial adviser over dodgy SMSF advice, and banned another from NSW for three years for failing to consider clients' best interests (30 April 2020).  More...

Profit-to-member super funds report smooth implementation of early release payouts
Profit-to member super funds are reporting a smooth implementation of early release payouts after ten days of meeting requests from financially distressed members (30 April 2020).  More...

SMSFs not exempt from early release
The number of hard hit small business proprietors with their own self-managed superannuation funds (SMSFs) means that SMSFs have been not exempt from the Government’s hardship early access to superannuation draw-downs (28 April 2020).  More...

Superannuation early withdrawal risks collapsing retirement system
Super funds and prominent professional investors warn that the mass withdrawal of funds from superannuation during the COVID-19 crisis risks undermining the whole retirement income system (28 April 2020).  More...

ASIC confirms licensee attempt to hire banned adviser
At least one licensee has attempted to hire a banned adviser and has found his efforts rejected by the checking mechanisms put in place by the Australian Securities and Investments Commission (ASIC) (27 April 2020 ).   More...

SMSFA applauds ATO lodgement deferral
The Self-managed Superannuation Fund (SMSF) Association has applauded the decision by the Australian Tax Office (ATO) to allow deferral of SMSF lodgements to the end of June. The ATO has also provided guidance related to limited recourse borrowing arrangements (LRBAs), rent and interposed entity relief (23 April 2020).   More...

Dealer group AFSL in limbo
The suspension of MyPlanner Professional Services' AFSL is on ice as the Administrative Appeals Tribunal reviews ASIC's decision. It comes after the corporate watchdog suspended the advisory firm's AFS licence on February 12 on the grounds that it had failed to comply with its licensee obligations (23 April 2020).  More...

ASIC notes financial reporting changes
In general, the impacts of COVID-19 have been disclosed as non-adjusting subsequent events for the purposes of 31 December 2019 financial reporting. As outlined in ASIC media release 19-341MR Financial reporting focuses for 31 December 2019, asset values remain focus areas for financial reporting at 31 December 2019 (22 April 2020).   More...

APRA commences new data collection to assess temporary early release of superannuation scheme
The APRA is launching a new data collection to assess the progress and impact of the Government’s temporary early release of superannuation scheme. Registrable superannuation entity (RSE) licensees will be asked to complete and submit APRA’s new Early Release Initiative (ERI) data collection form weekly until further notice (21 April 2020).  More...

Court restricts Mayfair advertising
The Federal Court has restricted Mayfair 101 from promoting its debenture products and prohibited the use of specific words and phrases in its advertising. The court also restrained the company from using phrases like term deposit, bank deposit, capital growth, certainty, fixed term and term investment in any of its advertising, promotion or marketing (20 April 2020).  More...

Advice fee consents and independence disclosure
The Financial Services Council (FSC) has recommended further consultation on ASIC’s proposed legislative instrument (LI) to implement new forms of consent and independence disclosure to assist consumers (20 April 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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