Welcome to the latest issue of the KHQ Super Alert. Parliament has resumed again and several Bills have been introduced this week. The key Bill sets out the ‘Your Future, Your Super’ package of reforms. Another Bill proposes to further extend the temporary measures in relation to the electronic execution of documents by companies. … Read more
By Darrell Choong (Lawyer) and Venn King (Special Counsel) The highest court in the land has clarified what “personal advice” entails in the context of financial product advice, in Westpac Securities Administration Ltd v ASIC [2021] HCA 3. Financial advisers, and people involved with superannuation matters, need to pay close attention to the guidance provided … Read more
Welcome to the latest issue of the KHQ Super Alert. It has been a relatively quiet week in the industry this week. ASIC has provided an update in relation to its financial advice remediation activities and APRA has published its ‘Year in Review’ publication for 2020. The House of Representatives has also released transcripts from … Read more
Welcome to the latest issue of the KHQ Super Alert. The High Court has handed down its decision in ASIC’s financial advice phone campaign case, which now provides important case law in relation to the distinction between general and personal advice. In other developments, the ATO and APRA have released materials in relation to their … Read more
Welcome to an extended issue of the KHQ Super Alert and happy new year! This issue captures the relevant news since the holiday break including APRA’s release of a revised draft of SPS 250 (Insurance in Superannuation) and an announcement from the ATO that the transfer balance cap will be indexed on 1 July 2021. … Read more
Welcome to the latest issue of the KHQ Super Alert. The regulators have been busy this week with both ASIC and APRA releasing several reports and information for the industry including in relation to the APRA heatmap, member outcomes, design and distribution obligations, insurance in superannuation and the implementation of BEAR. This is likely to … Read more
Welcome to the latest issue of the KHQ Super Alert. Parliament has had a busy week passing two superannuation Bills and introducing a further Bill to implement outstanding Royal Commission recommendations (which includes the ban on advice fees from MySuper products). ASIC has also deferred the start date for the portfolio holdings disclosure requirements. ASIC … Read more
Aside from the severe health crisis coronavirus has caused, it has also crippled the economy and people’s livelihoods. Many financially strong and viable Australian businesses are having to deal with these unanticipated circumstances, resulting in their trade coming to a standstill through no fault of their own. One of the hardest hit sectors are small … Read more
Welcome to the latest issue of the KHQ Super Alert. The regulators have provided a variety of news updates this week, including an ASIC consultation paper on consumer remediation, the publication of a new issue of APRA Insight and an information sheet which explains the proposed AFSL requirements for entities providing insurance claims handling services. … Read more
