Independent & concise superannuation industry news from QMV.

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REGULATION
The Federal Government has
released for consultation a
discussion paper outlining
proposed Financial Institutions
Supervisory Levies for 2015-16.
The levies will aim to recover
the operational costs of the
Australian Prudential Regulation
Authority (APRA) and other
Commonwealth agencies and
departments.
Source: Treasury
Following ongoing consultation,
the Australian Prudential
Regulation Authority (APRA) has
written to all registerable
superannuation entity (RSE)
licensees on Wednesday 20th of
May, determining 18 more
superannuation data points as
non-confidential for future
annual superannuation
statistical publications and
reports.
Source: APRA
RETIREMENTSAVINGS
According to Industry Super
Australia, the Federal
Government’s proposed
changes to the pension asset
test will affect mostly those on
average incomes or below,
with estimates it will amount to
a 10% overall cut in middle
income earners' retirement.
Source: Industry Super Australia
GROUPINSURANCE
APRA has written to life insurers
outlining the results of its recent
examination of the group
insurance market. Among the
observations were that insurers
have suffered recent losses, in
particular due to total and
permanent disability (TPD)
claims. APRA notes that insurers
are likely to implement a range
of changes to mitigate losses,
such as tightening the definition
of Total and Permanent
Disablement and reducing
automatic acceptance limits,
however encourages insurers to
improve risk and business
management practices.
Source: APRA
SUPERCONCESSIONS
The Federal Budget has failed
to address inequities within the
superannuation system, namely
the tax concessions afforded to
wealthier Australians, according
to Good Super Managing
Director Andrew MacLeod.
According to MacLeod, “While
tax concessions for young and
low-income people makes
sense to encourage better
retirements savings, it makes no
sense to give tax concessions to
the 'uber-wealthy' when
government tax revenues are
as tight as today’s".
Source: Investor Daily
TECHNOLOGY
Superannuation and investment
software provider, Financial
Synergy has teamed with new
client ClearView Wealth Limited
to launch WealthFoundations,
an online portal based on their
Acurity platform, which features
the ability for its members to
access and manage their
accounts online as well as view
correspondence.
Source: Financial Synergy
PROFESSIONALETHICS
CFA Societies Australia have
written to Treasury, suggesting
events such as the financial
crisis and recent financial
planning scandals, have shown
that industry ethics need to
improve, and suggested
financial services professionals
should take "a personal oath of
integrity that puts investor rights
front and centre of everything
they do, every day.”
Source: CFA Societies Australia
APPOINTMENTS
AMP Capital CEO Stephen
Dunne has announced that he
will retire from AMP Capital later
in the year, after 12 years in the
role. A global search is
underway to find a successor
for Dunne, the statement said.
Source: AMP
SuperBrief Independent & Concise
Issue #20 of 2015: Friday, 22nd
May