Superannuation Alert 20.9.18

Financial Services - 20 September 2018

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Welcome to Super Alert!


The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

Find our round-up of the developments as at 20 September 2018 here.


AFCA - Application to join AFCA

Source: AFCA website - application information

Superannuation trustees have until 21 September 2018 to apply to join the new AFCA scheme.


 

Federal Parliament - Super Guarantee Regulations made

Source: Superannuation Guarantee (Administration) Regulations 2018

On 14 September 2018, the Superannuation Guarantee (Administration) Regulations 2018 (Regulations) were registered on the Federal Register of Legislation. The Regulations make and remake minor amendments to the 1993 Regulations, which were due to sunset on 1 October 2018.

While the remade Regulations are not intended to alter the operation of the earlier regulations, the Explanatory Statement flags that "[t]he Regulations… improve the 1993 Regulations by repealing redundant provisions, updating references in the provisions, simplifying the provisions and adopting current drafting practices, such as referring to ‘sections’ rather than ‘regulations’".


 

ASIC - Commissioner changes

Sources: 

On 18 September 2018, the new Treasurer, the Hon Josh Frydenberg, announced the resignation of Mr Peter Kell from the Deputy Chair position at ASIC, effective from 6 December 2018.

According to Mr Frydenberg, "Mr Kell has been part of ASIC’s leadership team, first as a member and then from 2013 as Deputy Chair. His experience and understanding of corporate regulation has been appreciated by successive governments as well as members of ASIC".

Previously, the Treasurer had announced the appointment of Ms Danielle Press and Mr Sean Hughes as full-time Members of ASIC for a five year period. Mr Frydenberg noted that "[t]he appointments of Ms Press and Mr Hughes build on the strong action already taken by the Government in strengthening ASIC’s capabilities by committing to a further $70.1 million in funding to support ASIC’s new strategic direction and appointing a second Deputy Chairperson, Daniel Crennan QC, with a focus on enforcement".

 

 

Further information

All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.