This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF.
Australian Government’s Superannuation Reform Bill Faces Challenges Despite Revision
The Australian government’s proposed changes to the superannuation fund performance test have faced criticism after the opposition said the Bill should not be supported following the inclusion of some controversial proposed reforms.
Treasurer Josh Frydenberg and Superannuation Minister Jane Hume released the consultation draft regulations for the new Your Future, Your Super (YFYS) reform package on April 28 as a response to the concerns voiced by the superannuation industry to 2 major changes to the fund performance test.
In the Senate Standing Committee’s on Economics report into the YSYF reform released on April 29, Labor noted that the proposed Bill would damage retirement outcomes of Australians and subject our superannuation system to risk.
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Amid Government back-bench criticism of how much superannuation funds pay to be members of industry organisations and lobby groups, one of Australia’s largest industry funds, REST, has revealed it pays well over $130,000 a year for just two memberships.
Those back-benchers have questioned the Australian Prudential Regulation Authority (APRA) one whether the payment of such subscriptions should be formally scrutinised to determine whether it would comply with the proposed new members best financial interests test.
Answering questions on notice from a hearing of the Senate Standing Committee on Economics, REST revealed that it normally pays an annual membership of $52,250 to be a member of the Australian Institute of Superannuation Trustees (AIST) and $82,533 to be a member of the Association of Superannuation Funds of Australia (ASFA).
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Australians filed some 31,000 complaints about lending products after the banking royal commission, according to new CHOICE analysis.
The consumer advocacy publication issued those findings in a last-ditch attempt to argue in favour of responsible lending regulation, which could be repealed within days.
A report from the Senate Standing Committee on Economics, released Friday, broadly supported the rollback.
Australians have filed some 31,000 complaints about lending products since the banking royal commission began, according to new CHOICE analysis released days after a Senate committee recommended the rollback of responsible lending legislation.
In a new statement, CHOICE says it has tallied thousands of complaints made to the Australian Financial Complaints Authority (AFCA) since 2018, with borrowers raising issues with mortgages, personal loans, and credit cards.
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