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National
MySuper paves the way for low-cost super for all
Australians and bigger nest eggs
1 August 2010
The Australian Institute of Superannuation Trustees (AIST)
welcomed the Gillard Government’s MySuper reforms which aim to
ensure all working Australians have access to low-cost,
commission-free default superannuation.
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ASIC forms market breaches panel
30 July 2010
ASIC has established a Markets Disciplinary Panel that will deal
with market breaches with Panel members selected from various
companies in the financial services space. The role of the panel
is to exercise ASIC’s power to issue infringement notices and
accept enforceable undertakings relating to breaches of the
Market Integrity Rules, which take effect on 1 August, 2010.
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Late sting takes edge off super’s
bounce
29 July 2010
Latest analysis by research company SuperRatings reveals a range
of returns from 13.18 per cent to just 3.3 per cent for the year
to June. More than 80 per cent of people have a balanced
investment option which is set to return 9.8 per cent.
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Councils launch class action against
S&P over lost millions
28 July 2010
Local councils are launching a legal fight against the rating
agency that stamped the highest possible credit rating on
complex securities that unravelled during the global financial
crisis. It is the first Australian class action to target a
rating agency for its role in spreading complex structured debt
products, which have left dozens of councils and charities out
of pocket.
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ASFA calls for more SG entitlements
27 July 2010
The Association of Superannuation Funds of Australia has called
for the superannuation guarantee to be applied to salary
continuance insurance benefit payments and maternity leave, in
what it claims are measures that will help ensure some of the
nation’s most vulnerable workers are not missing out on
superannuation entitlements.
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Basel ruling is banks’ gain
29 July 2010
Australia’s banks stand to gain further flexibility on the
application of rules that the Swiss-based world supervisory
committee has drawn up with the aim of protecting the global
system against financial shocks. The Australian Prudential
Regulation Authority is considering whether to allow banks to
hold assets other than top-rated corporate bonds and government
securities.
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Trio Capital collapse: financial
planner had been banned by ASIC
29 July 2010
A financial planner tied up in the collapse of fund manager Trio
Capital was banned from operating managed investment schemes six
years ago after investigations into a failed investment project.
ASIC obtained court orders that permanently banned Mr Warne from
operating a managed investment scheme.
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Standardised commissions for super
canvassed
29 July 2010
The possibility of standardised commissions has emerged as an
option as major insurers have urged the Federal Government to
act cautiously and consult widely on the Cooper Review’s
proposed ban on insurance commissions within superannuation.
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ASIC moves on alleged Ponzi scheme
26 July 2010
The regulator has moved against what it believes is a possible
Ponzi operation, which has affected more than 100 investors who
have contributed more than $16 million. ASIC said in an
announcement that it was concerned that the defendants had been
providing or involved in conducting a financial services
business without the necessary Australian Financial Services
Licence and without providing the required adequate disclosure
to investors.
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Grey clouds hang over Australia’s
finance sector
26 July 2010
No explicit regulations prevent a financial services
organisation from having its applications or customer data
hosted by a third party data centre, regardless of international
borders. APRA has published a series of guidelines to the
management of risk in any outsourcing agreement, which renders
the use of public clouds extremely difficult.
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ESI Super and SPEC Super confirm
merger
26 July 2010
ESI Super and SPEC Super have agreed to merge and create a $3.4
billion fund. The merged fund will adopt SPEC Super’s
administration model while ESI Super’s funds management and
financial services team will be used to manage assets.
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ATO nabs people on super evasion
23 July 2010
More than 360 people were convicted for tax and super offences
between 1 April and 30 June this year, the Australian Taxation
Office (ATO) has reported. All forms of tax evasion and
intentional non-compliance, whether it was failing to lodge a
tax return, defrauding the Commonwealth, or committing identity
or refund fraud, were taken very seriously.More...
ASIC cracks down on CFDs
22 July 2010
Brokers of derivatives such as contracts-for-difference should
tell customers more about the risk they might collapse, the
corporate regulator says. In a report released today, ASIC said
it had reviewed 64 product disclosure statements and found many
of them “deficient”.
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FPA maintains stance on commission ban
22 July 2010
The Financial Planning Association chief executive said the
industry body would pursue its strategy to move away from
commission-based remuneration irrespective of the election
result.
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Frozen fund investors get $36m
settlement
22 July 2010
New Zealand investors in two frozen funds by ANZ and ING (NZ)
stand to benefit from a $36 million (NZ$45 million) settlement
fund arranged by the regulator after both funds breached
marketing material compliance rules. More...
FPA defends CFP’s compulsory
membership obligation
22 July 2010
The Financial Planning Association has sent a clear signal that
it sees no problem with the Certified Financial Planner
designation remaining inextricably linked to membership of the
organisation.
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Performance fees could have legal
sting in the tail
22 July 2010
Financial advisers and superannuation fund trustees can be
exposed to legal risk from disgruntled fund members and clients
if investment returns fail to reflect the performance fees paid
to fund managers.
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IFSA formally changes name to
Financial Services Council|
20 July 2010
Members of the Investment and Financial Services Association
(IFSA) have formally agreed to a name change following a general
meeting.
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ASIC seeks to enforce undertaking
20 July 2010
ASIC has started proceedings in the NSW Supreme Court against
Empower Invest and Newcastle Palais Holdings for breaches of an
enforceable undertaking. The court declared that the companies
and their respective directors had operated a managed investment
scheme in relation to a property development in Newcastle
without a registration or an Australian financial services
licence, raising $769,500 in total from ten investors.
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Foreign investment policy/ Treasurer
Source: Canberra: Foreign Investment Review Board, 2010; 14 pp
Foreign investment; Foreign investment
in Australia; Real estate; Residential property;
Government regulation; Foreign Investment Review Board; Foreign
Acquisitions and Takeovers Act 1975; United States; Legislation.
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Investor Update: Investment Management
Industry in Australia / Austrade
23 July 2010
A comprehensive report has been published by Austrade’s
Financial Services division.
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Business risks facing mining and
metals: Ernst & Young business risk report 2010
Source: Sydney: Ernst & Young, 2010; 25 pp
Mining industry; Metal products; Financial management; Capital
investment; Risk management; Australia overseas comparisons.
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Review into the Governance,
Efficiency, Structure and Operation of Australia’s
Superannuation System: final report
Source: Canberra: Review into the Governance, Efficiency,
Structure and Operation of Australia’s Superannuation System;
2010
Superannuation fund industry; Review into the Governance,
Efficiency and Structure and Operation of Australia’s
Superannuation System; Management; Prudential supervision;
Committees and inquiries; Superannuation Industry (Supervision)
Act 1993; Corporations Act 2001.
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