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Source: Financial Standard

DISCLOSURE

The Association of

Superannuation Funds of

Australia (ASFA) is calling on

the Federal Government and

the Australian Securities and

Investments Commission (ASIC)

to clarify the definition of

“costs” and “fees”. In a

submission to ASIC, ASFA has

stated that the industry urgently

requires clear definitions and

guidelines for disclosure

purposes.

Source: Super Review

SMSF

Former Prime Minister Paul

Keating has highlighted the

impact of SMSF property

investments on the wider

property market, and called for

tightening of the availability of

debt to SMSFs. The call is in line

with similar comments in the

June interim report from the

Murray inquiry, which also

warned that the availability of

direct leverage may create

vulnerabilities within the

financial system.

Source: Smart Investor

INSURANCE

AustralianSuper’s recent

insurance premium increase

has had the unexpected effect

of triggering greater member

engagement, with a greater

number of members increasing

their cover as a result of the

communications.

Source: Financial Standard

INVESTMENTS

After a promising start to the

financial year, September saw

investment returns drop with

“investors growing increasingly

nervous and risk-averse”.

Despite this, the quarter still

closed with a median growth

rate of 1.7 per cent.

Source: Chant West

Funded by a group of private

investors, Independent Reserve

has opened a new bitcoin

exchange in Sydney. Citing

political stability and the strong

regulatory regime for choosing

Australia as its base, the

company has gone through

extensive consultation with the

ATO and ASIC before opening,

and is being audited by

PriceWaterhouseCoppers.

Source: Financial Standard

FOFA

William Buck has said that the

Future of Financial Advice

(FOFA) reforms, intended to

protect consumers, is in fact

excluding many people from

having access to advice.

Wealth advisory director Chris

Kennedy has said “…the

burden of the legislation has

pushed up advisor costs”, to

the point where it’s not

accessible for “the little guy”.

Source: Money Management

FINANCIAL PLANNING

In a submission to the Financial

System Inquiry (FSI), the

Australian Securities and

Investment Commission (ASIC)

has sought the creation of a

“last resort compensation

scheme” for victims of failed

investments or bad investment

advice. While noting the

effectiveness of professional

indemnity insurance, it also

highlighted the limitations it has

within the compensation

framework. The new scheme

would provide compensation

“where all the other options

have truly been exhausted.”

Source: Financial Standard

TECHNOLOGY

Energy Super has released a

new website allowing members

to track which asset classes

their superannuation benefits

are being invested in. The tool

allows users to track underlying

investments, providing

“increased accountability and

transparency”.

Source: Super Review

SUPER GUARANTEE

The ATO is reminding employers

that the SG increase will take

effect for the next quarterly

contribution submission, due at

the end of October.

Source: Super Review

QMV SuperBrief Quick Superannuation Industry News

Issue #43 of 2014: Friday, 24th October