Welcome to the latest issue of the KHQ Super Alert. This week AFCA released a summary of the complaints which it received in the 2020/21 financial year. ASIC has provided a summary of the industry’s response to its consultation on access to financial advice. AFCA – Summary of complaints in FY 2020/21 On 5 July … Read more
Welcome to the latest issue of the KHQ Super Alert which is lengthy compared with the last issue’s quiet news week. Three consultations have been released in relation to: the new breach reporting framework (ASIC), climate change risks (APRA) and the proposed single disciplinary body for financial advisers (Treasury). Regulations have been registered to provide … 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. 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
Welcome to this week’s issue of the KHQ Super Alert. APRA has clarified the interaction of JobKeeper payments and the work test for personal contributions, and provided a reminder to trustees about SPS 515 compliance. ASIC has announced that Victorian-based financial advisers will obtain some small relief from non-compliance with certain obligations. APRA – work … Read more
Welcome to this week’s issue of the KHQ Super Alert. The Law Reform Commission has announced that it will review the regulation of financial services and provide its final report in 2023. Also, ASIC has provided suggested steps that trustees can take to be ready for the new fees and costs disclosure rules. Law Reform … Read more
Welcome to this week’s issue of the KHQ Super Alert. This week the Federal Court determined that documents produced in accordance with ASIC notices will not attract legal professional privilege in some circumstances, and the ATO updated its guidance in relation to wind-up obligations for APRA-regulated funds. Parliament – Economics Committee hearings On 10 September … Read more
Welcome to this week’s issue of the KHQ Super Alert. ASIC and APRA have released their long-term corporate plans and the Bill to increase the number of members in an SMSF was introduced in the Senate. The ATO also provided an update in relation to reporting for market linked pensions. Legislation – extension of early … Read more
