Superannuation Alert 01.09.16

Financial Services eBulletin - 1 September 2016

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

  • APRA has published its Update on regulatory cost savings report (dated August 2016). The report describes APRA's regulatory cost savings project. It sets out the areas where APRA has reduced regulatory costs during 2015 and where APRA intends to conduct further work to scope and develop regulatory cost savings options.

  • On 24 August 2016, the Shadow Treasurer Chris Bowen announced Labor's plan for superannuation in response to the Government's current measures under the 2016-2017 Budget. According to the announcement, Labor:
    • is concerned about the 'retrospectivity of the Government's $500,000 lifetime non-concessional contribution cap' and supports making the cap prospective;
    • will oppose the Government's plans to:
      • allow catch-up concessional superannuation contributions;
      • harmonise contribution rules for those aged 65 to 74'; and
      • allow tax deductions for personal superannuation contributions; and
    • is prepared to work with the Government in reducing the High Income Super Contribution threshold to $200,000 from 1 July 2017.

      More information about Labor's superannuation policy is available in its Making Superannuation Fairer Fact Sheet.
  • On 30 August 2016, ASIC released Regulatory Guide 255 Providing digital financial product advice to retail clients (RG 255) (digital advice is also known as robo-advice or automated advice). According to the related ASIC media release, the Regulatory Guide 'brings together some of the issues that digital advice providers need to consider when operating in Australia - from licensing stage through to the actual provision of the advice', and 'includes guidance on some issues that are unique to digital advice, such as how the organisational competence obligation applies to digital advice licensees and the ways in which digital advice licensees should monitor and test their algorithms.'

Further information

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