In the media

Nationalisation of superannuation would put private savings at risk
ASFA – 13 October 2017 - The Association of Superannuation Funds of Australia (ASFA) rejects the notion put forward by Future Fund Chairman Peter Costello, as reported in The Australian on 13 October, that the private superannuation savings of Australians should be diverted to a government-run investment fund and administrator. ASFA CEO Dr Martin Fahy said there were significant problems with the proposals.  More...

Queensland financial adviser banned for failing to act in clients' best interests
13 October 2017 - ASIC has banned financial adviser Drew Grosskreutz from providing financial services for three years. ASIC found that Mr Grosskreutz failed to properly identify what it was that his clients wanted advice on, and to reasonably investigate what financial products would best suit their needs.  More...

Treasury apportions equal guilt in superannuation
MEDIA – 12 October 2017 - A key Senate Committee has been told it would be wrong to single out retail superannuation funds with respect to misconduct, with Treasury officials actually citing “arrangements with service providers, sponsorships, marketing activities and payments to nominating bodies”.  More...

Government pushes ahead to make Australia’s trusted industry super funds more like the Big Banks
ISA – 10 October 2017 - The Coalition is pushing ahead to make Australia’s industry super funds more like the banks, with public hearings into a Bill that, if passed, will fundamentally change the way they’re governed.  More...

APRA releases results of stakeholder survey
10 October 2017 - The Australian financial sector has continued to strongly endorse the performance of the Australian Prudential Regulation Authority (APRA) as benefitting their industries and protecting the financial well-being of the wider community, APRA’s latest stakeholder survey shows.  The 2017 APRA Stakeholder Survey Report is available on APRA’s website at: More...More... 

Small business objects to super fund threats
MEDIA – 10 October 2017 - Small businesses should be given the ability to complain when they are wrongly the subject of demands from industry superannuation funds, according to Council of Small Business Australia (COSBOA) chair, Peter Strong.  More...

Equal representation delivers best outcomes for super fund members: AIST
AIST – 09 October 2017 - AIST has recommended that the Senate reject a push by the Government to mandate a governance model for super funds.  More...

Federal Court proceedings issued against CBA
MEDIA – 09 October 2017 - Federal Court proceedings have been issued in the shareholder class action against Commonwealth Bank. Litigation funder IMF Bentham said its funding of the class action--which centres on the lender's failure to promptly disclose the 2015 allegations to the market--is now unconditional.  More...

AFA to release advice competency framework
MEDIA – 09 October 2017 - Financial advisers need to understand behavioural patterns of their clients to steer them in the right direction in their financial decisions, according to an Association of Financial Advisers (AFA) whitepaper.  More...

Industry funding: ASIC publishes estimated regulation costs for 2017-18
ASIC – 06 October 2017 - ASIC today released its Cost Recovery Implementation Statement (CRIS), which includes estimated costs for ASIC's 2017-18 regulatory activities.  More...

Published – articles, papers, reports

Eva Scheerlinck opening address on Superannuation Laws Amendment
Opening statement by Eva Scheerlinck, Chief Executive Officer, Australian Institute of Superannuation Trustees to Senate Economics Legislation Committee on Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017 and Improving Accountability and Member Outcomes in Superannuation Measures No. 1 & No. 2 Bill 2017 (10 October 2017).  More...

Address to the AFA 2017 National Adviser Conference, Gold Coast
The Hon Kelly O’Dwyer MP, Speech, 13 October 2017.  More...

In practice and courts

Superannuation Working Group (ISWG) draft Code of Practice to apply to superannuation funds that offer insurance
The draft Code outlines a set of industry standards and new measures for all classes of insurance in superannuation, including life, total and permanent disability (TPD) and income protection. The draft Code is accompanied by a consultation paper. Submissions are invited on the draft Code and the questions raised in the consultation paper by 20 October 2017. Submissions can be sent to the ISWG Project Management Office here.

FPA submissions

ASIC’s power to ban senior officials in the financial sector
Treasury, 4 October 2017

ISA Submissions

Improving Accountability and Member Outcomes in Superannuation Measures No. 2 (Salary Sacrifice)  
Improving Accountability and Member Outcomes in Superannuation Measures No. 2 (Choice)
Improving Accountability and Member Outcomes in Superannuation Measures No. 1 

Gazette - Superannuation Industry (Supervision) Act 1993 
13/10/2017: Notice of Disqualification - Wayne Leadbeater; Melinda Leadbeater
12/10/2017: Notice of Disqualification - John Leigh; Alison Leigh
11/10/2017 Notice of Disqualification - Brian Hynes; Ashleigh Rowe
09/10/2017: Notice of Disqualification - Alida Visintin
06/10/2017: Notice of disqualification - John Lordan
05/10/2017: Notice of Disqualification - Peter Nguyen; Donna M Reid; Stephen Tinetti; Jason Edwards; David Peacock; Adrienne Leigh Gunn
04/10/2017: Notice of Disqualification - Noel Ross; Gary Keith Bill; Susan Maureen Bill
03/10/2017: Notice of Disqualification - Runesu Neville Runesu


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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