Topic
Superannuation
113 published works
Bright Law Blog
APRA proposes amendments to SPS 515 (Member Outcomes)
APRA has issued a letter to all Registrable Superannuation Entities outlining its proposed revisions to new prudential standard SPS 515 (Strategic Planning and Member Outcomes) which are required as a…
Bright Law Blog
Superannuation Fund Governance and Supervision changes passed
The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019 was given Royal Assent and commenced on 5 April 2019 after being passed by…
Bright Law Blog
Superannuation binding death benefit nominations and kinship structures
The Financial Services Royal Commission suggested that the Government explore, in consultation with relevant Aboriginal and Torres Strait Islander peoples, difficulties they face making binding death benefit nominations. One suggestion…
Bright Law Blog
Superannuation accounts changes
The Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 was given Royal Assent on 12 March 2019. The Act includes provisions designed to protect low-balance accounts and prevent trustees…
Bright Law Blog
Superannuation regulators update
ASIC and APRA have each given updates on their regulation of superannuation. The Financial Services Royal Commission endorsed the current ‘twin peaks’ model of financial regulation. Responsibility for conduct and…
Bright Law Blog
Case note: Is marketing the consolidating of multiple superannuation funds personal advice?
In Australian Securities and Investments Commission v Westpac Securities Administration Limited and BT Funds Management Limited [2018] FCA 2078, the Federal Court of Australia decided that even though the marketing…
Bright Law Blog
Productivity Commission Report on Superannuation Reform
The Productivity Commission has published its Report on Superannuation: Assessing Efficiency and Competitiveness. Its overall assessment is that structural flaws in the form of inadequate competition, governance and regulation have created…
Bright Law Blog
Superannuation compliance: APRA claims IOOF failed to act in best interests of superannuation members
The Australian Prudential Regulation Authority (APRA) has announced a number of actions against IOOF entities, directors and executives for failing to act in the best interests of superannuation members and…
Bright Law Blog
Review of the early release of superannuation benefits
The Government has released for consultation an issues paper with draft proposals for reform of the rules governing the early release of superannuation benefits on compassionate and severe financial hardship…
Banking, Finance and Securities
APRA’s review of the superannuation prudential framework
By Jon Ireland, Cate Shirley (AU)
On 23 May 2018 APRA announced that it would conduct a review of the superannuation prudential framework that was introduced in 2013 as part of the Stronger Super reforms.[1] The…