Independent and concise superannuation industry news. QMV SuperBrief issue #49 of 2014.

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FINANCIALSYSTEMINQUIRY
The Commonwealth Treasurer
will release the final report of
the Financial System Inquiry at
10:30am on Sunday 7
December 2014 at a Press
Conference in Sydney. The
inquiry is expected to make
significant recommendations
impacting the superannuation
public policy and regulatory
environment.
Source: Department of Treasury
Financial System Inquiry Chair
Mr David Murray AO will also
provide an update on the
Financial System Inquiry, in a
keynote address to the
Committee for Economic
Development of Australia
(CEDA) on 8 December.
Source: CEDA
NEWPAYMENTSPLATFORM
Twelve financial institutions
have committed funding and
appointed a vendor to build
and operate new national
infrastructure for fast, flexible,
data-rich payments in Australia.
NPP Australia Limited (NPP)
today signed a 12-year
contract with global payments
provider SWIFT to build and
operate the NPP basic
infrastructure, which will enable
participating institutions to
make funds available within
seconds of the payment being
made.
Source: APCA
FOFAREGULATIONS
The Commonwealth Senate
resolved to rescind certain
aspects of the recent
disallowance of the
Corporations Amendment
(Streamlining Future of Financial
Advice) Regulation 2014. This
means that regulations related
to the accountants’ certificate
renewal period, stamping fees,
non-monetary education or
training benefits and
grandfathering arrangements
may be made.
Source: Commonwealth Parliament
INFRASTRUCTUREINVESTMENT
Industry Super Australia (ISA)
have proposed an approach to
encourage greater investment
in infrastructure by
superannuation funds. The
inverted bid model is said to
better price risk, speed up
procurement and halve bid
costs. The model has drawn
support from the Productivity
Commission and the OECD.
Source: Industry Super Australia
FINANCIALADVICE
Australian Securities and
Investments Commission (ASIC)
chairman Greg Medcraft has
stated that despite the
regulators' efforts, he was “fed
up” and had “no confidence”
in the financial advice industry.
Source: Financial Standard
INVESTMENTSENTIMENT
State Street Corporation have
released a report which relies
on a research survey of 100
pension fund executives by the
Economist Intelligence Unit (EIU)
and concludes that pension
funds globally intend to adopt
a more proactive approach to
managing their assets.
Source: State Street
TECHNOLOGYACQUISITION
SS&C Technologies Holdings has
acquired DST Global Solutions
Ltd., a subsidiary of DST Systems,
for $95 million. DST Global's
products include accounting
platform HiPortfolio and
investment data management
and analytics platform Anova.
Source: DST Global Solutions
SMSFDATA
The Australian Taxation Office
(ATO) has released the
September 2014 Self-managed
super fund statistical report. The
data shows that there has been
a slight decline in SMSFs holding
under $150,000 from 20.5% to
17.2% over the past three years,
and a slight increase in SMSFs
with between $200,000 and $2
million held, rising from 63.9% to
65.7% over the same period.
Source: ATO
QMVSuperBrief Quick Superannuation Industry News
Issue #49 of 2014: Friday, 5th December