As has been widely reported, the Federal government has passed a bill which will lead to the abolition of the Family Court of Australia. This was done despite strong opposition from major legal bodies, legal professionals, domestic violence services, community legal services, and the legal community generally. It has also been done merely weeks before … Read more
Welcome to the latest issue of the KHQ Super Alert. This week Treasury released draft regulations for public consultation in relation to the new breach reporting rules introduced as part of the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 last year. APRA has also published an insurance letter sent to the industry this … Read more
Welcome to the latest issue of the KHQ Super Alert. APRA has published the latest superannuation statistics and the Treasurer has released a speech that he delivered in relation to the Retirement Income Review. ASIC has also released a statement setting out how it intends to recover its costs from regulated entities. ASIC – Cost … Read more
Welcome to the latest issue of the KHQ Super Alert. This week several outstanding Royal Commission recommendations, including the ban on advice fees from MySuper products and the Bill relating to the closure of ERFs, were passed by Parliament. Treasury announced that a review of AFCA will commence (as required by the relevant legislation) and … Read more
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
