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What's News in Superannuation, Funds Management & Financial Services? – 18 July 2018

18 July 2018

#Superannuation, Funds Management & Financial Services

What's News in Superannuation, Funds Management & Financial Services? – 18 July 2018

In the media

ISA warns Government’s move ‘too broad’
MEDIA – 12 July 2018 - The Federal Government’s move make insurance inside superannuation “opt-in” for under 25s is too broad and could leave millions of Australians excluded from default insurance, according to Industry Super Australia.  More...

Royal Commission confirms superannuation start date
MEDIA – 12 July 2018 - The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has confirmed that it will begin its superannuation-focused hearings in Melbourne on 6 August.  More...

ISWG was ‘ineffectual’ says law firm
MEDIA – 10 July 2018 - The Insurance inside Superannuation Working Group (ISWG) has been slammed by plaintiff law firm Maurice Blackburn for its inability to impose a compulsory code of conduct on either insurers or superannuation funds. More...

Super secret: The merger the boss didn't know was happening
MEDIA – 09 July 2018 - The merger of AustSafe Super and Sunsuper raises questions about the dealings of superannuation powerbrokers, whose decisions on what to pay for assets and how to manage them impacts all Australians through the costs of services we rely on.  More... 

Advice groups release FASEA submissions
MEDIA – 06 July 2018 - The Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) have made public their proposed list of changes to FASEA’s adviser education standards. More...

Cutting red-tape for self-managed superannuation funds
TREASURY - 06 July 2018 - The Turnbull Government is cutting red tape and reducing the compliance burden for self-managed superannuation funds (SMSFs) that have a history of good record keeping and compliance. More...

ASIC accepts court enforceable undertakings from CBA and ANZ over superannuation product distribution
ASIC – 05 July 2018 - ASIC has accepted court enforceable undertakings from the Commonwealth Bank of Australia and Australia and New Zealand Banking Group under which the banks have agreed to change the way they distribute superannuation products to their customers.  More...

ASIC requires compliance with restrictions on use of ‘independent’
ASIC – 05 July 2018 - ASIC is continuing to monitor the financial advice industry’s use of restricted terms ‘independent’ and ‘independently owned’, taking steps to intervene when it identifies concerns. Following surveillance of industry websites, ASIC has required four financial advice companies to cease and amend false claims of independence that could mislead consumers.  More....

Superannuation catch-up measure commences
TREASURY - 05 July 2018 - From 1 July 2018, millions of individuals with balances below $500,000 will be able to ‘catch up’ on their retirement savings by accessing unused portions of their concessional contributions cap. This measure completes the implementation of the comprehensive suite of measures in the 2016-17 Budget to improve the fairness and flexibility of the superannuation system. More...

ASIC takes action on ‘independence’ claims
MEDIA – 05 July 2018 - Financial Spectrum, James Gerrard (authorised representative of Australian Financial Advisory Group), PWK Private Wealth Advisors (AR of Paragem) and Debbie Hudson Financial Services (trading as Wealth Fusion) have been forced to amend "false claims of independence" by ASIC. More...

APRA continues Stronger Super review
MEDIA – 05 July 2018 - The prudential regulator has released two further papers as part of its post-implementation review into the prudential framework of superannuation. More...

AFCA already failing super industry on rules
MEDIA – 03 July 2018 - The rules and operational guidelines which will be utilised by the Australian Financial Complaints Authority (AFCA) need to be released as soon as possible to enable superannuation funds to accomplish what represents a major and expensive transition, according to the Association of Superannuation Funds of Australia (ASFA). More...

In practice and courts

APRA releases further short papers for its review of the prudential superannuation framework
See Short topic paper three: Financial requirements, operational risk and outsourcing and Short topic paper four: Investments (04 July 2018). More...

New prices for ASIC regulatory services
The fees ASIC charges for specific regulatory activities have changed to reflect the actual cost to ASIC associated with the work. In most cases this has resulted in a fee increase. The Government passed required legislation on 28 June 2018. New pricing is effective 4 July 2018.
ASIC's ‘fees for service’ impact a range of industry stakeholders including Australian credit licensees, Australian financial services (AFS) licensees, market infrastructure providers, responsible entities, registered liquidators, and companies (06 July 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 today 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 released today are available on APRA’s website.  More...

AIST Submissions
04 July 2018 - AFCA Rules
There are several issues that must be addressed to ensure that AFCA will be an efficient and effective dispute resolution body. More...

ASFA Submission
Submission to the Senate Economics Legislation Committee
ASFA response to the Committee’s inquiry into the Treasury Laws Amendment (Protecting Your Superannuation Package) Bill 2018 (the Bill). Full Submission  Attachment A

Gazette - Superannuation Industry (Supervision) Act 1993
10/07/2018: Notice of Disqualification – Kristy Viney; Damien Viney

Legislation

Commonwealth

Regulation

Superannuation Supervisory Levy Imposition Determination 2018
02/07/2018 - This determination relates to a levy imposed by the Superannuation Supervisory Levy Imposition Act 1998 on superannuation entities for the 2018-19 financial year. 

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


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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