Superannuation Alert 19.3.14
Financial Services eBulletin - 19 March 2014
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 21 February 2014, Lander & Rogers and Synchronised Business Services Pty Limited lodged a joint submission to Treasury seeking amendments to Section 911A of the Corporations Act 2001 (Cth) to facilitate greater flexibility in the way in which financial planning businesses can be structured where financial planners conduct their businesses as authorised representatives of an Australian financial services licensee. In particular, the proposal seeks to allow structures to be adopted which do not expose the representative to the risk of loss in the event of the licensee's insolvency.
- On 7 March 2014, ASFA published its submission to APRA on Draft Prudential Practice Guide LPG 270 - Group Insurance Arrangements. The submission comprises of a Consultation on Draft LPG 270 - Group Insurance Arrangements and a Summary.
- On 7 March 2014, the Assistant Treasurer, Arthur Sinodinis gave a speech at the ANZ Global Capital Markets Corporate Debt Conference in which he discussed investing superannuation assets in infrastructure.
- On 11 March 2014, Industry Super Australia issued a media release in which it stated that it had received legal advice that the FoFA reforms will effectively remove the best interests requirement, eroding consumer protection and placing financial advisers at risk of litigation.
- On 12 March 2014, the SMSF Professionals' Association of Australia (SPAA) issued a media release welcoming the passage of legislation that implements an administrative penalty regime for SMSF trustees who breach the superannuation law. Under the new regime, alongside existing penalties, the ATO will be empowered to require an SMSF trustee to undertake an education course or take a specific action to rectify a breach. The penalties will apply to breaches of the relevant legislative requirements from 1 July 2014.
- On 13 March 2014, ASFA issued the following media releases:
- Eight-point plan for global pensions dialogue required to tackle challenges ahead; and
- Superannuation and infrastructure conversation welcome and necessary.
- On 17 March 2014, the AUSTRAC supervisory levy review report was made available on AUSTRAC's website. The AUSTRAC supervisory levy is an annual charge on reporting entities to pay for the costs of AUSTRAC's regulation.
All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.