In the media
ABA backs 'one-stop-shop' EDR
scheme
The Australian Bankers' Association (ABA) has supported the
proposed replacement of the three existing financial services
external dispute resolution (EDR) schemes with a single entity. See
submission to the interim Review of the financial system
external dispute resolution and complaints framework report by
Professor Ian Ramsey.
More...
No logic to changing industry super funds following
latest performance data
ISA – 02 February 2017 - New performance figures call into
question bank lobbying efforts to dismantle the successful
not-for-profit industry super fund governance model, says Industry
Super Australia.
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Don't scrap Super Complaints Tribunal:
ASFA
MEDIA – 31 January 2017 - The ASFA has urged the government
to reconsider its plan to replace the Superannuation Complaints
Tribunal. The latest panel's interim report, titled Review
of the financial system external dispute resolution and complaints
framework, recommends the creation of a superannuation
ombudsman to replace the Superannuation Complaints Tribunal.
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SCT transition to ombudsman ill-advised
ASFA – 31 January 2017 - ASFA advocates in favour of
modernising SCT's governance, accountability and service model
rather than replacing it with an industry ombudsman scheme.
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(Media release) More...
SG dodgers put under government spotlight
MEDIA – 30 January 2017 - More details have emerged of the
new government working group to tackle employer non-payment of the
superannuation guarantee (SG), following industry fund lobby group
Industry Super Australia research.
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Banks to identify bad apple advisers
MEDIA – 30 January 2017 - Banks have agreed to identify and
share information about financial advisers with a history of poor
conduct, as part of a new initiative by Australia's leading
banks (30 January 2017).
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Salary sacrifice leads to SG
short-changing
MEDIA – 27 January 2017 - Over a third of employees who
salary sacrificed into superannuation were being short-changed on
their super guarantee (SG) contributions from employers due to a
loophole in the law, according to Industry Super Australia.
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Reporting gap allows super non-payment
MEDIA – 25 January 2017 - Non-payment of the superannuation
guarantee (SG) by employers went beyond the cash economy, with
several major administrative loopholes in Australia's super
system allowing non-compliant employers to go undetected for years,
according to the ATO.
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In practice and courts
ASFA Submissions
30 January 2017 - Submission to The Treasury
ASFA response to the interim report: Review of the financial system
external dispute resolution and complaints framework (Ramsay
Review).
Full Submission |
Summary
Recent ASX Settlement Operating Rules
amendments
01/02/17 "FOR" Financial Products: removal of BuildingIQ
Inc. – Procedures: Schedule 1.
More...
APRA Publication releases
APRA
has released the annual superannuation statistics for June 2016
(01 February 2017).
Consumer protection in the banking, insurance and
financial sector
On 29 November 2016, the Senate referred an inquiry into the
regulatory framework for the protection of consumers, including
small businesses, in the banking, insurance and financial services
sector (including Managed Investment Schemes) to the Senate
Economics References Committee for inquiry and report by the last
sitting day of the autumn sittings of 2018. Submissions close on 7
March 2017.
More...
Scrutiny of financial advice
The inquiry lapsed at the end of the 44th Parliament. On 11 October
2016, the Senate agreed to the committee's recommendation that
this inquiry be re-adopted in the 45th Parliament. The committee is
due to report by 30 June 2017.
More...
Superannuation funds to start disclosing subplan
information on websites from 1 July 2017
From 1 July 2017, trustees must make all transparency information
available, even where it relates to a subplan but can still redact
information that is personal to a beneficiary or former beneficiary
of the fund.
Regulatory Guide 252 Keeping superannuation websites up to
date explains how remuneration and other information on
superannuation websites may be kept up to date under s29QB of the
Supervision Industry (Supervision) Act 1993 (SIS Act) (19
January 2017).
The requirement to report this information follows the expiry of
transitional interim relief on 30 June 2017 (refer
16-130MR Further update on Stronger Super regime and
ASIC
Class Order [CO 14/509])
Development of the framework for Comprehensive Income
Products for Retirement: discussion paper
The Government has released a discussion paper exploring key policy
issues to facilitate further development of a framework for the
retirement phase of the superannuation system (Comprehensive Income
Products for Retirement, or MyRetirement products). Written
submissions are due by 28 April 2017.
More...
ASIC defers the superannuation consistency requirements
until 2019
ASIC has further deferred by ASIC Superannuation (Amendment)
Instrument 2016/1232 the operation of section 29QC of the
Superannuation Industry (Supervision) Act 1993 until 1
January 2019. ASIC intends to issue a further instrument, as well
as providing guidance, about the application of s29QC in 2018.
Superannuation Guarantee non-payment
On 1 December 2016, the Senate referred an inquiry into the
Superannuation Guarantee to the Senate Economics References
Committee for inquiry and report by 22 March 2017. Submissions
close on 17 February 2017.
More...
Reminder: Transition period for updated fee and cost
disclosures
ASIC has
extended the transition period for trustees of superannuation
funds and responsible entities of managed funds and other managed
investment schemes (issuers) to comply with updated fee and cost
disclosure requirements in relation to product disclosure
statements (PDSs), until 30 September 2017.
Cases
Masu Financial Management Pty Ltd and Australian Securities and
Investments Commission [2017] AATA 97
CORPORATIONS LAW – financial services and markets –
Australian Financial Services Licence – suspension –
historical non-compliance with obligations under s912A –
where applicant continues to be in contravention of its obligations
– where applicant is likely to breach its obligations in the
future – decision affirmed. Corporations Act 2001
ss915C(1), 912A, 760A.
Davidof and Australian Securities and Investments
Commission [2017] AATA 37
CORPORATIONS - financial services - banning order – applicant
prohibited from providing any financial services – MINI
warrants – whether a MINI warrant is a financial product
– whether MINI warrants are derivatives – decision
under review set aside - Corporations Act 2001 (Cth),
ss760A, 761A, 761D(1), 764A(1)(c,) 910(a)(iii), 920A(1), 920B,
1041A, 1041B.
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