By Luke Hooper, Special Counsel
Welcome to the May edition of MOving Ahead! This publication is filled with legal and regulatory developments designed to help super fund trustees meet the challenge of minimising the impact and maximising strategic opportunities arising from regulatory change.
In this edition…
- ASIC releases its consultation paper on the approval and oversight of compliance schemes for financial advisers;
- APRA writes to trustees detailing its observations and making recommendations for improvement in respect of trustee governance;
- APRA makes minor amendments to APRA Prudential Standard SPS 310 Audit and Related Matters;
- consequential amendments are made to various regulations in order to give effect to the AFCA legislation;
- Small Superannuation Accounts regulations are registered;
- the New South Wales Supreme Court upholds a challenge by an insured superannuation fund member and, in doing so, proceeds to a second stage inquiry assessing that the member was totally and permanently disabled under the fund’s group life insurance policy as at the time for assessment;
- the Government responds to the ASIC Enforcement Review Taskforce December Report;
- Board members are appointed to Australian Financial Complaints Limited;
- the Government accepts the Senate Economics References Committee’s recommendations to increase civil penalties;
- the ATO reminds trustees of defined benefit superannuation funds that they can elect to treat member contributions as non-deductible before 1 July 2018;
- Treasury and APRA release a discussion paper on the proposed financial institutions supervisory levies that will apply for the 2019 Financial Year;
- Treasury release a position paper outlining the principles the Government proposes to implement in the retirement income covenant and supporting regulatory structures; and
- the Treasurer hands down the Federal Budget.
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