Superannuation Alert 30.7.14

Financial Services eBulletin - 30 July 2014

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

  • On 18 July 2014 APRA Chairman Wayne Byres made his opening statement to the House of Representatives Standing Committee on Economics in Canberra, in which he discussed the 2013 APRA Annual Report and APRA's activities more generally.

  • On 21 July 2014 the Government released the Discussion Paper 'Review of retirement income stream regulation'. In the associated media release, the Acting Assistant Treasurer states that the Discussion Paper considers:

    • the regulatory barriers restricting the availability of relevant and appropriate retirement income stream products;

    • the minimum payment requirement for account-based pensions; and

    • facilitating deferred lifetime annuities by extending concessional taxation treatment.

Interested parties are invited to lodge submissions on the Discussion Paper by 5 September 2014.

  • On 22 July 2014 ASIC published a media release which states that "a proactive ASIC review of Australian financial services (AFS) licences that failed to lodge audited annual statements has led to ASIC cancelling eight AFS licences." According to the media release, ASIC reviewed the conduct of 72 AFS licensees operating in the financial services industry that had failed to lodge their audited annual statements. In addition to the cancellations, ASIC:

    • suspended two AFS licensees for failure to lodge audited annual statements;

    • achieved voluntary compliance by 38 AFS licensees who lodged all outstanding documents;

    • prompted 17 entities to voluntarily cancel their AFS licences as they no longer operated a financial services business.

  • On 25 July 2014 the Federal Treasurer issued a press release stating that he, along with the New South Wales Premier and Treasurer, met with representatives from the superannuation industry, industry groups, investment managers and government and discussed, among other things, "practical ways to encourage Australia's superannuation industry to invest further in infrastructure projects in Australia, particularly in new assets."

  • On 25 July 2014 the Federal Court published its reasons for the declarations made on 6 June 2014 that the direction given by the President of the Fair Work Commission appointing himself as part of the Expert Panel for the four yearly review of the default fund terms of all modern awards was invalid, and that the Expert Panel was not reconstituted as required by the Fair Work Act 2009 (Cth).

Further information

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.

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