QMV Super Solutions specializes in delivering technology and business solutions for the superannuation and wealth management industries using a fresh approach and tailored solutions from their team of experts. The Australian Institute of Superannuation Trustees has called on the government to maintain separate disclosure of low income superannuation contribution payments on superannuation statements to avoid masking the benefits of these contributions. The Superannuation Complaints Tribunal has received complaints from people who believe insurance should be opt-in rather than opt-out and expect refunds of insurance premiums.

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QMV Super Solutions specialise in the delivery of world-class technology and business solutions for the superannuation and wealth management industries. With a fresh approach to solving complex process issues, our tailored solutions are delivered by a bright young team who are experts in their fields, and passionate about results.
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DISCLOSURE
The Australian Institute of Superannuation Trustees (AIST) has called on the federal government to maintain separate disclosure of low income superannuation contribution (LISC) payments on superannuation statements. The government is moving repeal legislation that requires LISC payments to be disclosed separately, instead of bundling with other super concessional payments, a strategy which AIST said will 'mask' the benefits of LISC. The government previously announced plans to abolish LISC after June 30 2017.
Source: Financial Standard
COMPLAINTS
In their latest bulletin, the Superannuation Complaints Tribunal (SCT) have highlighted a number of complainants who are of the belief that insurance should be 'opt-in' rather than 'opt-out' and have an expectation that the Tribunal will order a refund of insurance premiums
Source: Super Complaints Tribunal
SECURITY
ASIC chairman Greg Medcraft, at a Bloomberg conference this week, identified cybercrime as a major risk to financial systems and has called for companies to beef up their “cyber resilience”.
Source: Investor Daily
STATISTICS
The Australian Prudential Regulation Authority (APRA) has released its Quarterly General Insurance Performance Statistics publication for the September 2014 quarter, which show net earned premium for the industry in the year was $31.3 billion, up 2.6 per cent from the previous year. Net incurred claims for the same period were $19.3 billion, up 5.8 per cent.
Source: APRA
MOBILITY
Fifteen per cent of Australians check their phones more than 50 times a day, according to the latest survey from Deloitte, which the company says highlights the huge opportunity for financial services providers to improve mobile offerings.
Source: Financial Standard
FINANCIAL SERVICES
According to the Professional Standards Council, in a submission to the Parliamentary Joint Committee Inquiry on Corporations and Financial Services Organisations, whilst Financial Planning Association (FPA) may have committed to achieving professional status, the broader Australian financial services industry is falling a long way short of achieving professional status.
Source: Money Management
REPORTING
APRA has written to super fund trustees informing them that APRA's information technology and data management systems are struggling to deal with the new data reporting regime it is imposing on the entities it regulates.
Source: Financial Standard
CRIME
Fraud and Cybercrime Squad detectives have charged a super administrator with fraud offences valued at $3.9 million. Police allege the man, who worked as a senior administrator providing services to a superannuation company, altered documents and accessed member accounts to transfer money.
Source: NSW Police
APPOINTMENTS
AMP Capital have announced a number of changes to its leadership structure, including the creation of the new role of Global Head of Infrastructure Equity which will be filled by the current head of Infrastructure — Europe and the Americas, Boe Pahari. As a result of the change, the Australian-based role of Global Head of Infrastructure, held by Scott Davies, will no longer exist.
Source: Money Management
QMV SuperBrief Quick Superannuation Industry News
Issue #48 of 2014: Friday, 28th November