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What's News in Superannuation, Funds Management & Financial Services? – 10 September 2018

10 September 2018

#Superannuation, Funds Management & Financial Services

What's News in Superannuation, Funds Management & Financial Services? – 10 September 2018

In the media

Role of adviser changing, Macquarie report shows
The role of the financial adviser is changing due to increased client expectations and technological advances, Macquarie said in its 2018 Accounting and Financial Services Benchmarking Report (7 September 2018).  More...

ASIC confirms super advice scrutiny
The Australian Securities and Investments Commission (ASIC) has confirmed that advice within superannuation will come under scrutiny in 2018-19. The regulator has confirmed its intentions in its Corporate Plan, announcing a new project specifically aimed at examining the quality of financial advice in superannuation. See the ASIC's Corporate Plan 2018-22 here (7 September 2018).  More...

ASIC reviews insurance in superannuation
The Australian Securities and Investments Commission (ASIC) has released a report on the provision of insurance cover through superannuation. ASIC Deputy Chair, Peter Kell, said that while some improvements were being introduced by trustees, there was considerable work to do to raise standards in the areas covered by the review. See the report here (7 September 2018).  More...

Scrapping pension age increase a win for older workers: AIST
The Australian institute of Superannuation Trustees (AIST) has welcomed an announcement by Prime Minister, Scott Morrison, that the Government will not proceed with its policy to raise the access age for the age pension to 70 years (6 September 2018).  More...

ASIC accepts EU from adviser
ASIC has accepted a court-enforceable undertaking (EU) from former MyPlanner Australia Pty Ltd adviser, James Phillip Allen, after it was found that he failed to act in the best interest of his clients (5 September 2018).  More...

Australians voting with their feet when it comes to super – new data
New APRA data shows a wave of Australians shifting their retirement savings into consistently high-performing industry super funds (29 August 2018).  More...

Government to shelve industry super board changes
The Government is effectively shelving changes to industry super boards that would require independent directors, focusing instead on the scandals plaguing for-profit funds (28 August 2018).  More... 

Lawyers recommend NAB and CBA face criminal charges over treatment of super customers
Lawyers for the banking royal commission recommend the Commonwealth Bank and the National Australia Bank face criminal charges over their treatment of superannuation customers (25 August 2018).  More... 

In practice and courts

APRA superannuation statistics June 2018
APRA releases superannuation statistics for June 2018 (28 August 2018).  More...

APRA: Review of the superannuation prudential framework
The aim of the review is to ensure the prudential and reporting standards, and related guidance, have achieved their objectives and continue to remain fit for purpose. To commence this review, APRA released the first of a series of consultation papers on aspects of the prudential framework. APRA invites written submissions on all consultation papers by 26 September 2018. Copies of the consultation papers are available on APRA’s website.  More...

Cases

H.E.S.T. Australia Limited v Inkley [2018] SASC 127
SUPERANNUATION - Private sector funds - amendment of trust deed.
SUPERANNUATION - Industry supervision.
SUPERANNUATION - Private sector funds - trustees - powers and duties.
EQUITY - Trusts and trustees - powers, duties, rights and liabilities of trustees - miscellaneous other powers, duties and liabilities - power to amend trust deed.
Application for order under section 59C of the Trustee Act 1936 (SA) varying the terms of the Health Employees Superannuation Australia Trust.
1. The Court has jurisdiction to make the order and should exercise the discretion to entertain the application (at [24]-[26]).
Corporations Act 2001 (Cth); Income Tax Assessment Act 1936 (Cth); Income Tax Assessment Act 1997 (Cth); Superannuation Industry (Supervision) Act 1993 (Cth) ss 52, 56-58, 59A , 63, 103-105, 109, 243; Superannuation Industry (Supervision) Regulations 1994 (Cth) regs 6.17A, 4.02A; Trustee Act 1936 (SA) s 59C.

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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