QMV SuperBrief 20141128

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While all care has been taken to ensure the accuracy of the information presented, QMV Super Solutions is not responsible for any loss or damage suffered in relying on the information presented. QMV Super Solutions specialise in the delivery of world-class technology and business solutions for the superannuation and wealth management industries. With a fresh approach to solving complex process issues, our tailored solutions are delivered by a bright young team who are experts in their fields, and passionate about results. qmvsupersolutions.com 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 QMVSuperBrief Quick Superannuation Industry News Issue #48 of 2014: Friday, 28 th November

Transcript of QMV SuperBrief 20141128

Page 1: QMV SuperBrief 20141128

While all care has been taken to ensure the

accuracy of the information presented, QMV Super

Solutions is not responsible for any loss or damage

suffered in relying on the information presented.

QMV Super Solutions specialise in the delivery of world-class

technology and business solutions for the superannuation and

wealth management industries. With a fresh approach to solving

complex process issues, our tailored solutions are delivered by a

bright young team who are experts in their fields, and passionate

about results.

qmvsupersolutions.com

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