Solution Manual for Financial Accounting, 11th Edition by Robert Libby, Patri...
QMV SuperBrief 20150123
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SuperBrief Independent & Concise
Issue #3 of 2015: Friday, 23rd
January
MODERNAWARDSYSTEM
Research undertaken by the
Financial Services Council (FSC)
has found that 83 per cent of
Australian Prudential Regulation
Authority (APRA) approved
retail MySuper products are
excluded from the modern
awards system. It also revealed
that 88 per cent of the default
market is made up of union and
employer owned industry super
funds.
FSC CEO Sally Loane explains
that it “…means that some of
the lowest fee and highest
performing MySuper products
are prevented from competing
with industry funds.”
Source: Super Review
APRAREPORTING
The Australian Prudential
Regulation Authority (APRA) has
released its final reporting
requirements for non-MySuper
investment options.
The four reporting standards
require quarterly information
about investment performance,
asset allocation, member flows
and structural information on
‘select investment options’.
APRA believes that it has
significantly reduced the
compliance burden whilst still
ensuring timely reporting of
information.
Source: APRA
WORKPLACERELATIONSREVIEW
The Financial Services Council
(FSC) and a number of other
financial services lobby groups
have been disappointed to find
out that the Productivity
Commission will not be
including default funds under
modern awards in its inquiry into
Workplace Relations.
Source: Money Management
SUPERSTATISTICS
Recent Chant West research
indicates that superannuation
fund members have
experienced healthy returns
over 2014. The median return
for growth funds was 8.5 per
cent.
Chant West director Warren
Chant believes the returns were
a good result given the
economic conditions in 2014.
QSuper was the top performing
fund in 2014 with 12.7 per cent,
with the worst performing fund
still delivering 6.5 per cent
Source: InvestorDaily
APPOINTMENTS
Ibbotson Associates has been
reappointed as implemented
investment consultant for
another 3 years by industry
super fund REI Super.
Source: InvestorDaily
SunSuper has appointed Anne
Fuchs as the new Head of Retail
Distribution and Advice. Ms
Fuchs is currently the Chief
Commercial Officer of the
Association of Financial
Advisers (AFA).
Source: Investor Daily
REGULATION
The Australian Prudential
Regulation Authority (APRA) has
thrown its support behind the
Australian Securities and
Investments Commission’s
(ASIC) electronic disclosure
consultation paper.
APRA believes that the use of
electronic disclosure will
provide “clear, concise and
effective disclosure of
information to consumers of
financial services”.
Source: Financial Standard
The December 2014 Platform
Report, produced by
Investment Trends, reveals that
spending on regulatory
compliance totalled $173
million in 2014.
According to Investment Trends
Senior Analyst, Recep Peker, this
accounts for 55 per cent of the
total platform development
spend in 2014 which is up from
51 per cent in 2013.
Source: InvestorDaily