In the media
Former Spectrum Wealth, NAB advisers banned
ASIC has permanently banned an ACT financial adviser over
dodgy SMSF advice, and banned another from NSW for three years for
failing to consider clients' best interests (30 April 2020).
More...
Profit-to-member super funds report smooth
implementation of early release payouts
Profit-to member super funds are reporting a smooth
implementation of early release payouts after ten days of meeting
requests from financially distressed members (30 April 2020).
More...
SMSFs not exempt from early release
The number of hard hit small business proprietors with
their own self-managed superannuation funds
(SMSFs) means that SMSFs have been not exempt from
the Government's hardship early access to superannuation
draw-downs (28 April 2020).
More...
Superannuation early withdrawal risks collapsing
retirement system
Super funds and prominent professional investors warn that
the mass withdrawal of funds from superannuation during the
COVID-19 crisis risks undermining the whole retirement income
system (28 April 2020).
More...
ASIC confirms licensee attempt to hire banned
adviser
At least one licensee has attempted to hire a banned
adviser and has found his efforts rejected by the checking
mechanisms put in place by the Australian Securities and
Investments Commission (ASIC) (27 April 2020 ).
More...
SMSFA applauds ATO lodgement deferral
The Self-managed Superannuation Fund
(SMSF) Association has applauded the decision by
the Australian Tax Office (ATO) to allow deferral
of SMSF lodgements to the end of June. The ATO has also provided
guidance related to limited recourse borrowing arrangements
(LRBAs), rent and interposed entity relief (23
April 2020).
More...
Dealer group AFSL in limbo
The suspension of MyPlanner Professional Services'
AFSL is on ice as the Administrative Appeals Tribunal reviews
ASIC's decision. It comes after the corporate watchdog
suspended the advisory firm's AFS licence on February 12 on the
grounds that it had failed to comply with its licensee obligations
(23 April 2020). More...
ASIC notes financial reporting changes
In general, the impacts of COVID-19 have been disclosed as
non-adjusting subsequent events for the purposes of 31 December
2019 financial reporting. As outlined in ASIC media release
19-341MR Financial reporting focuses for 31 December 2019, asset
values remain focus areas for financial reporting at 31 December
2019 (22 April 2020).
More...
APRA commences new data collection to assess temporary
early release of superannuation scheme
The APRA is launching a new data collection to assess the
progress and impact of the Government's temporary early release
of superannuation scheme. Registrable superannuation entity
(RSE) licensees will be asked to complete and
submit APRA's new Early Release Initiative
(ERI) data collection form weekly until further
notice (21 April 2020).
More...
Court restricts Mayfair advertising
The Federal Court has restricted Mayfair 101 from
promoting its debenture products and prohibited the use of specific
words and phrases in its advertising. The court also restrained the
company from using phrases like term deposit, bank deposit, capital
growth, certainty, fixed term and term investment in any of its
advertising, promotion or marketing (20 April 2020).
More...
Advice fee consents and independence disclosure
The Financial Services Council (FSC) has
recommended further consultation on ASIC's proposed legislative
instrument (LI) to implement new forms of consent
and independence disclosure to assist consumers (20 April 2020).
More...
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.
