qmv superbrief 20141205

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FINANCIAL SYSTEM INQUIRY

The Commonwealth Treasurer

will release the final report of

the Financial System Inquiry at

10:30am on Sunday 7

December 2014 at a Press

Conference in Sydney. The

inquiry is expected to make

significant recommendations

impacting the superannuation

public policy and regulatory

environment.

Source: Department of Treasury

Financial System Inquiry Chair

Mr David Murray AO will also

provide an update on the

Financial System Inquiry, in a

keynote address to the

Committee for Economic

Development of Australia

(CEDA) on 8 December.

Source: CEDA

NEW PAYMENTS PLATFORM

Twelve financial institutions

have committed funding and

appointed a vendor to build

and operate new national

infrastructure for fast, flexible,

data-rich payments in Australia.

NPP Australia Limited (NPP)

today signed a 12-year

contract with global payments

provider SWIFT to build and

operate the NPP basic

infrastructure, which will enable

participating institutions to

make funds available within

seconds of the payment being

made.

Source: APCA

FOFA REGULATIONS

The Commonwealth Senate

resolved to rescind certain

aspects of the recent

disallowance of the

Corporations Amendment

(Streamlining Future of Financial

Advice) Regulation 2014. This

means that regulations related

to the accountants’ certificate

renewal period, stamping fees,

non-monetary education or

training benefits and

grandfathering arrangements

may be made.

Source: Commonwealth Parliament

INFRASTRUCTURE INVESTMENT

Industry Super Australia (ISA)

have proposed an approach to

encourage greater investment

in infrastructure by

superannuation funds. The

inverted bid model is said to

better price risk, speed up

procurement and halve bid

costs. The model has drawn

support from the Productivity

Commission and the OECD.

Source: Industry Super Australia

FINANCIAL ADVICE

Australian Securities and

Investments Commission (ASIC)

chairman Greg Medcraft has

stated that despite the

regulators' efforts, he was “fed

up” and had “no confidence”

in the financial advice industry.

Source: Financial Standard

INVESTMENT SENTIMENT

State Street Corporation have

released a report which relies

on a research survey of 100

pension fund executives by the

Economist Intelligence Unit (EIU)

and concludes that pension

funds globally intend to adopt

a more proactive approach to

managing their assets.

Source: State Street

TECHNOLOGY ACQUISITION

SS&C Technologies Holdings has

acquired DST Global Solutions

Ltd., a subsidiary of DST Systems,

for $95 million. DST Global's

products include accounting

platform HiPortfolio and

investment data management

and analytics platform Anova.

Source: DST Global Solutions

SMSF DATA

The Australian Taxation Office

(ATO) has released the

September 2014 Self-managed

super fund statistical report. The

data shows that there has been

a slight decline in SMSFs holding

under $150,000 from 20.5% to

17.2% over the past three years,

and a slight increase in SMSFs

with between $200,000 and $2

million held, rising from 63.9% to

65.7% over the same period.

Source: ATO

QMV SuperBrief Quick Superannuation Industry News

Issue #49 of 2014: Friday, 5th December