Superannuation Alert - 20.09.12

Financial Services eBulletin - 20 September 2012

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.

  • On 10 September 2012, ASIC released results of its review of risk management in the funds management industry. The results revealed that risk management systems varied greatly and were generally sophisticated. The review also noted that improvements could be made by small responsible entities and the responsible entities that were not part of an APRA regulated group.
  • On 10 September 2012, the Administrative Appeals Tribunal handed down its decision in Denehy and Superannuation Complaints Tribunal and FSS Trustee Corporation ATF The First State Superannuation Scheme AATA 608. The matter involved an appeal from a decision of the Superannuation Complaints Tribunal about disclosure of documents under the Freedom of Information Act 1982 to the applicant in relation to the applicant's late father. The AAT varied the SCT's original 2010 decision in part.
  • On 12 September 2012, Treasury released draft regulations which will amend the Superannuation Industry (Supervision) Regulations 1994 and the Retirement Savings Accounts Regulations 1997. Under the amendments, an electronic scheme will be operated where fund members and holders of retirement savings accounts can electronically request rollover or transfer of funds through the ATO website. The period for submissions on the draft is now open and will close on 28 September 2012.

 

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