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On 10 June 2015, the Australian Prudential Regulation Authority (APRA) released the final version of its Superannuation Prudential Practice Guide SPG 223 – Fraud Risk Management (SPG 223) following consultation with industry conducted in October 2014. As with other prudential practice guides released by APRA, SPG 223 is a non-binding document which sets out APRA’s view of sound practice in the area of fraud risk management. In particular, SPG 223 provides insight into the steps…
On 5 November 2014 the High Court handed down its decision in Wellington Capital Limited v Australian Securities and Investments Commission [2014] HCA 43 concerning the in specie distribution of scheme property by a responsible entity.  However, the decision is applicable to trusts more generally. The key issue was whether, in the absence of a specific power dealing with in specie distributions, the responsible entity, Wellington Capital (Wellington), had the power to make them? The…