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What's News in Superannuation, Funds Management & Financial Services? - 9 October 2018

09 October 2018

#Superannuation, Funds Management & Financial Services

What's News in Superannuation, Funds Management & Financial Services? - 9 October 2018

In the media

Government proposes work test exemption to boost super balances
Australians aged 65 to 74 with superannuation balances under $300,000, under new draft legislation, will be able to make voluntary super contributions for 12 months from the end of the financial year in which they last met the work test (4 October 2018).  More...

Have fund boards ignored lessons from the Superannuation Complaints Tribunal?
One of the longest-serving members of the Superannuation Complaints Tribunal (SCT), barrister Noel Davis, has resigned his position but has taken a shot at some superannuation fund boards which he says have failed to address shortcomings identified in Tribunal determinations (4 October 2018).  More...

Legal woes continue for super fund
Industry superannuation fund Rest is facing renewed scrutiny over its responsible investment practices after one of its members filed an updated Federal Court claim alleging the fund has failed to act in his best interests (3 October 2018).  More...

Sensible reform key to rebuilding trust in superannuation
The superannuation industry must show leadership and make the necessary changes to better manage conflicts of interest according to The Association of Superannuation Funds of Australia (27 September 2018).  More...

Published - articles, papers, reports

Should superannuation funds do more direct lending to business?
According to a new discussion paper, in the right circumstances superannuation funds could provide capital for growth to SMEs and business more generally, complementing more traditional capital sources such as banks (2 October 2018).  More...

Release of the Royal Commission’s interim report into Misconduct in the Banking, Superannuation & Financial Services Industry
The interim report tabled in Parliament and the Royal Commission's hearings to date make clear that some financial institutions have fallen far short of treating Australians honestly and fairly (28 September 2018).  More...  More...

Government consults on stronger penalties for corporate and financial sector misconduct
The Coalition Government is committed to ensuring the Australian Securities and Investments Commission (ASIC) has the powers it needs to take strong action to protect consumers from corporate and financial sector misconduct (26 September 2018).  More...

ASIC review finds unacceptable delays by financial institutions in reporting, addressing and remediating significant breaches
ASIC has identified serious, unacceptable delays in the time taken to identify, report and correct significant breaches of the law among Australia's most important financial institutions (25 September 2018).  More...

Legislation

Commonwealth

Regulation 

Treasury Laws Amendment (2018 Measures No. 2) Regulations 2018
These regulations amend the Superannuation Industry (Supervision) Regulations 1994 to extend the operation of SuperStream to self managed superannuation funds (28 September 2018).

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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