Superannuation Alert 23.02.16
Financial Services eBulletin - 23 February 2016
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 16 February 2016, ASIC issued a Consultation Paper titled CP 251 Remaking ASIC class order on Financial product advice - exempt documents and the accompanying draft legislative instrument. The Consultation Paper explains that ASIC proposes to remake, without significant changes, ASIC Class Order CO 03/606 (Class Order) which is set to expire on 1 April 2017. As outlined in the Consultation Paper the Class Order "specifies a list of documents, information or statements for the purposes of reg 7.1.08(3) [of the Corporations Regulations 2001] as being exempt from the AFS licence requirement in relation to any general advice given in the document." Comments are due on 18 March 2016.
- On 16 February 2016, the ATO published the Fund Validation Service user guide. This publication provides guidance to trustees and users on how to populate the Fund Details Register and how to access outputs provided by the Fund Validation Service.
- On 17 February 2016, Treasurer Hon. Scott Morrison MP published Terms of Reference requesting that the Productivity Commission "develop criteria to assess the efficiency and competitiveness of the superannuation system" and inquire into the development of "alternative models for a formal competitive process for allocating default fund members to products." The Productivity Commission is due to release the criteria within 9 months and report on alternative models within 18 months.
- On 18 February 2016, the ATO updated its website to provide guidance to trustees when processing a superannuation authority statement. The ATO explains that while incorrectly processed release authorities will not necessarily attract penalties, the ATO will be considering these types of errors as part of the Large APRA Fund Risk Differentiation Framework program.
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.