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FINANCIAL SYSTEM INQUIRY
Treasury has responded to the
recommendations of the
Financial System Inquiry,
endorsing 42 of the 44
recommendations as policy.
The key implications for the
superannuation industry
concern changes to the default
fund status determination
process, legislating objectives
of the system and removing
regulatory barriers to the
development of annuity based
retirement products. The
recommendation of restricting
limited recourse borrowing by
SMSFs has not been adopted.
Source: Treasury
GOVERNANCE
The Trustee Governance Bill,
imposing independent director
requirements and abolishing
equal representation has been
passed by the House of
Representatives.
Source: Treasury
SUPERSTREAM
The Australian Taxation Office
(ATO) has issued a reminder to
large employers (over 200
employees) that compliance
with SuperStream laws
becomes mandatory from 31
October 2015. Employers are
required to provide notice to
the ATO if they won’t comply.
Source: ATO
FINANCIAL ADVICE
National Australia Bank (NAB)
has announced plans to
implement a large scale
financial advice remediation
program, for customers who
may have received non-
compliant advice since 2009.
Source: ASIC
GLOBAL PENSION INDEX
Australia’s retirement system
has been assessed as a B+ by
the Melbourne Mercer Global
Pension Index. The retirement
systems of Denmark and the
Netherlands were both
assessed as A, being
considered to be the best
retirement systems globally.
Australia’s system was
considered as the best in terms
of adequacy, but Denmark and
the Netherlands rated better in
terms of sustainability and
governance.
Source: MMGPI
INFRA. FUND INVESTMENTS
The Maple-Brown Abbott Global
Listed Infrastructure (GLI) fund
has now been made available
as an investment choice asset
for members of a suit of
superannuation funds, including
Asgard, BT Wrap, Macquarie
Wrap and Netwealth.
Source: Financial Standard
APRA
The Australian Prudential
Regulatory Authority (APRA) has
released revised FAQs
concerning the proposed
changes to governance of
superannuation fund trustee
boards.
Source: APRA
ASSET CONSULTING
Public sector superannuation
fund WA Super has appointed
Towers Watson as asset
consultant for a mandate over
$2.5 billion of assets managed.
Source: SuperReview
COMPLAINTS TRIBUNAL
The Superannuation Complaints
Tribunal (SCT) has had four new
part time members appointed.
Robin Creyke, Amanda
MacDonald, Beth McConnell,
and Hayley Pope have been
appointed for a term of four
years.
Source: SCT
SMSF SOFTWARE IPO
SMSF administration software
provider Class Limited has
lodged an Initial Public Offering
(IPO or Offer) of ordinary shares
and listing on the Australian
Securities Exchange (ASX).
Source: Class Super
SuperBrief Independent & Concise
Issue #42 of 2015: Friday, 23rd
October