In the media
All Australians will benefit from 12% super
AIST - Lifting the compulsory superannuation rate to 12 per cent will benefit all Australians, the Australian Institute of Superannuation Trustees said (9 March 2018). More...
Big super funds should not escape regulatory scrutiny
MEDIA - Small and medium-sized superannuation funds can and do serve their members and generate competitive returns and the debate around industry consolidation based on size needs to be move on, according to participants in a Super Review roundtable (08 March 2018). More...
ASIC consults on its oversight of AFCA
TREASURY - The Minister for Revenue and Financial Services, the Hon Kelly O'Dwyer MP, has welcomed the ASIC’s public consultation on draft regulatory guidance on its oversight of the Australian Financial Complaints Authority (AFCA). The draft regulatory guidance Regulatory Guide 139, Oversight of AFCA, will be open for public consultation until 6 April 2018. The consultation paper and draft regulatory guide is available on the ASIC website (5 March 2018). More...
In practice and courts
FOS submission to the Financial Services Royal Commission
FOS has released its response to the Royal Commission’s requests for information submitted on 22 January 2018 and 2 February 2018 (02 March 2018). More...
ASIC report on corporate finance regulation: July to December 2017
The report provides companies and their advisers with insights about ASIC’s regulatory approach in the corporate finance sector to help them carry out their legal and compliance obligations. It also demonstrates how ASIC facilitates business transactions in Australia while maintaining legal protections and safeguards for the investing community (26 February 2018). More...
ACCC remarks: Competition in the Australian Financial System
The ACCC has welcomed the Productivity Commission's draft report into Competition in the Financial System at a public hearing this morning. At the public hearing, Marcus Bezzi (Executive General Manager (Enforcement & Compliance Division)) focused his remarks on: Competition Advocacy; The ACCC's Financial Services Unit and 'Embedding greater transparency in decision-making and a commitment to competition' (28 February 2018). More...
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
The Commissioner, the Honourable Kenneth Madison Hayne AC QC, is authorised to submit an interim report no later than 30 September 2018, and will provide a final report by 1 February 2019.
The next round of public hearings will commence Tuesday 13 March 2018. More information is available on the Transcripts and hearings page. Practice Guidelines are available on the Practice Guidelines page. The Royal Commission's initial public hearing was held on 12 February 2018. A video recording and transcript of the initial hearing is available.
SMSF Association Submissions
06/03/2018 SMSF Association supplementary submission on choice and account proliferation and superannuation...
06/03/2018 SMSF Association submission on Australian Financial Complaints Authority
28/02/2018 SMSF Association submission on National Housing Finance and Investment Corporation
28/02/2018 SMSF Association submission on strengthening penalties for corporate and financial sector misconduct
ATO self-managed superannuation funds: a statistical overview 2015-2016
ISA: 26 February 2018 - SMSF membership continues to grow despite 40 per cent of funds receiving zero or negative ROA in 2016. SMSFs remain the most numerous type of fund and the sector has the greatest share of assets in the superannuation system. More...
Sharma v LGSS Pty Ltd  FCA 167
INSURANCE – appeal under s46 of the Superannuation (Resolution of Complaints) Act 1993 (Cth) against decisions of Superannuation Complaints Tribunal – whether Tribunal erred in affirming insurer’s decisions to avoid applicant’s insurance under s29(2) of the Insurance Contracts Act 1984 (Cth) for fraudulent misrepresentation and non-disclosure – whether s21 of the Insurance Contracts Act 1984 (Cth) imposed duty of disclosure on applicant as a third party beneficiary – appeal allowed.
Administrative Appeals Act 1975 (Cth) s44(1); Insurance Contracts Act 1984 (Cth) ss21, 25, 29, 31, 32, 54; Superannuation (Resolution of Complaints) Act 1993 (Cth) ss46(1), 46(3).
Chris Lovell, Chairman
T: +61 3 9321 9832
Paul Faure, Partner
T: 61 3 9321 9904
Bill Glover, Partner
T: 61 3 9321 9844
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.