Superannuation Alert 6.11.15

Financial Services eBulletin - 6 November 2015

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

  • On 28 October 2015, the ATO released the "Report of the Commissioner of Taxation for 2014-15", which was tabled in Parliament on the same day.

  • On 30 October 2015, ASIC released their "Annual Report 2014-2015", which was tabled in Parliament on the same day. The report notes that ASIC conducted "321 funds management surveillances, with a focus on risk management by responsible entities, property scheme disclosure and hedge funds." ASIC also note in the report that the category of "superannuation" accounted for 3% of misconduct claims, up from 2% in 2013-2014.

  • On 2 November 2015, AUSTRAC released the "AUSTRAC Annual Report 2014-2015", which was tabled in Parliament on the same day.

  • On 2 November 2015, APRA's 2014-2015 annual report titled "2015 APRA Annual Report" was released, the report was tabled in Parliament on 30 October 2015. The report includes the key highlights for APRA's 2014-2015 year which includes the release of the first quarterly MySuper statistics, APRA's response to the Interim Report of the Financial System Inquiry and the release of APRA's discussion paper on the publication of enhanced superannuation statistics. APRA's annual report also notes that "the superannuation sector has been faced in recent years with significant regulatory reform, industry consolidation, heightened market volatility, and more members transitioning from the accumulation to the post-retirement phase. These factors, together with pressure on entities in the superannuation sector to enhance efficiency and remain competitive, have been the focus of APRA’s supervisory activities across the sector." In the report, APRA highlight its key areas of activity for 2014-2015 in relation to superannuation as being:
    • bedding down of recent reforms;
    • governance and risk management;
    • conflicts of interest;
    • insurance in superannuation;
    • investment governance;
    • liquidity management;
    • superannuation reporting standards; and
    • fraud risk management.

Further information

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