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DISCLOSURE

The Australian Institute of

Superannuation Trustees (AIST)

has called on the federal

government to maintain

separate disclosure of low

income superannuation

contribution (LISC) payments

on superannuation statements.

The government is moving

repeal legislation that requires

LISC payments to be disclosed

separately, instead of bundling

with other super concessional

payments, a strategy which

AIST said will 'mask' the benefits

of LISC. The government

previously announced plans to

abolish LISC after June 30 2017.

Source: Financial Standard

COMPLAINTS

In their latest bulletin, the

Superannuation Complaints

Tribunal (SCT) have highlighted

a number of complainants who

are of the belief that insurance

should be 'opt-in' rather than

'opt-out' and have an

expectation that the Tribunal

will order a refund of insurance

premiums

Source: Super Complaints Tribunal

SECURITY

ASIC chairman Greg Medcraft,

at a Bloomberg conference

this week, identified

cybercrime as a major risk to

financial systems and has

called for companies to beef

up their “cyber resilience”.

Source: Investor Daily

STATISTICS

The Australian Prudential

Regulation Authority (APRA)

has released its Quarterly

General Insurance

Performance Statistics

publication for the September

2014 quarter, which show net

earned premium for the

industry in the year was $31.3

billion, up 2.6 per cent from the

previous year. Net incurred

claims for the same period

were $19.3 billion, up 5.8 per

cent.

Source: APRA

MOBILITY

Fifteen per cent of Australians

check their phones more than

50 times a day, according to

the latest survey from Deloitte,

which the company says

highlights the huge opportunity

for financial services providers

to improve mobile offerings.

Source: Financial Standard

FINANCIAL SERVICES

According to the Professional

Standards Council, in a

submission to the Parliamentary

Joint Committee Inquiry on

Corporations and Financial

Services Organisations, whilst

Financial Planning Association

(FPA) may have committed to

achieving professional status,

the broader Australian financial

services industry is falling a long

way short of achieving

professional status.

Source: Money Management

REPORTING

APRA has written to super fund

trustees informing them that

APRA's information technology

and data management

systems are struggling to deal

with the new data reporting

regime it is imposing on the

entities it regulates.

Source: Financial Standard

CRIME

Fraud and Cybercrime Squad

detectives have charged a

super administrator with fraud

offences valued at $3.9 million.

Police allege the man, who

worked as a senior

administrator providing services

to a superannuation company,

altered documents and

accessed member accounts to

transfer money.

Source: NSW Police

APPOINTMENTS

AMP Capital have announced

a number of changes to its

leadership structure, including

the creation of the new role of

Global Head of Infrastructure

Equity which will be filled by the

current head of Infrastructure

— Europe and the Americas,

Boe Pahari. As a result of the

change, the Australian-based

role of Global Head of

Infrastructure, held by Scott

Davies, will no longer exist.

Source: Money Management

QMV SuperBrief Quick Superannuation Industry News

Issue #48 of 2014: Friday, 28th November