QMV SuperBrief 20141226

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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 ADMINISTRATOR ACQUISITION The previously announced acquisition Superpartners to the Link Group has been finalised. Superpartners’ shareholders (AustralianSuper, Cbus, Hesta, HOSTPLUS and MTAA Super) agreeing to sell the business for consideration of $170 million. Individual service agreements between AustralianSuper, Cbus, Hesta, HOSTPLUS, MTAA Super and Superpartners will govern the ongoing administration service relationships. Source: AustralianSuper APRA REPORTING The Australian Prudential Regulation Authority (APRA) has released a revised version of Reporting Standard SRS 711.0 SuperStream Benchmarking Measures (SRS 711.0). The reporting standard has been simplified following consultation with the industry. The scope of the report is now the volume of contribution transactions from active employers, the channel through which they are received and the total processing cost. Source: APRA MINISTERIALAPPOINTMENTS Assistant Treasurer Arthur Sinodinos has resigned from the ministry, after having stood aside from the role to give evidence in NSW Independent Commission Against Corruption (ICAC) inquiries. Josh Frydenberg MP has been appointed as Assistant Treasurer, after spending the first 15 months of the Abbott government as Parliamentary Secretary to the Prime Minister in charge of the deregulation and red tape reduction agenda. Source: AFR ROYAL COMMISSION The interim report of royal commission into trade union corruption has raised concerns about possible conflicts of interest related to the governance of some industry superannuation funds. The interim report makes specific reference to LUCRF, Cbus and TWU Super. Recommendations will not be made until the commission releases a final report. Source: Commission CONSUMER RESEARCH A consumer survey conducted by Engaged Marketing surveyed more than 3,720 Australians about their super under a ‘net promoter score framework’. The survey results suggest that member satisfaction and engagement is significantly higher for SMSF Fund members. Source: Investor Daily REGULATION The parliamentary joint committee (PJC) on corporations and financial services has voiced its support for the Financial System Inquiry's (FSI) recommendation concerning the powers of the Australian Securities and Investments Commission (ASIC). The PJC recommended that ASIC should be empowered to have greater oversight of industry managers and executives to ensure individual accountability and a better compliance culture. Source: Investor Daily QMVSuperBrief Quick Superannuation Industry News Issue #52 of 2014: Friday, 26 th December

Transcript of QMV SuperBrief 20141226

Page 1: QMV SuperBrief 20141226

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

ADMINISTRATOR ACQUISITION

The previously announced

acquisition Superpartners to the

Link Group has been finalised.

Superpartners’ shareholders

(AustralianSuper, Cbus, Hesta,

HOSTPLUS and MTAA Super)

agreeing to sell the business for

consideration of $170 million.

Individual service agreements

between AustralianSuper, Cbus,

Hesta, HOSTPLUS, MTAA Super

and Superpartners will govern

the ongoing administration

service relationships.

Source: AustralianSuper

APRA REPORTING

The Australian Prudential

Regulation Authority (APRA) has

released a revised version of

Reporting Standard SRS 711.0

SuperStream Benchmarking

Measures (SRS 711.0).

The reporting standard has

been simplified following

consultation with the industry.

The scope of the report is now

the volume of contribution

transactions from active

employers, the channel through

which they are received and

the total processing cost.

Source: APRA

MINISTERIALAPPOINTMENTS

Assistant Treasurer Arthur

Sinodinos has resigned from the

ministry, after having stood

aside from the role to give

evidence in NSW Independent

Commission Against Corruption

(ICAC) inquiries.

Josh Frydenberg MP has been

appointed as Assistant

Treasurer, after spending the

first 15 months of the Abbott

government as Parliamentary

Secretary to the Prime Minister

in charge of the deregulation

and red tape reduction

agenda.

Source: AFR

ROYAL COMMISSION

The interim report of royal

commission into trade union

corruption has raised concerns

about possible conflicts of

interest related to the

governance of some industry

superannuation funds. The

interim report makes specific

reference to LUCRF, Cbus and

TWU Super. Recommendations

will not be made until the

commission releases a final

report.

Source: Commission

CONSUMER RESEARCH

A consumer survey conducted

by Engaged Marketing

surveyed more than 3,720

Australians about their super

under a ‘net promoter score

framework’. The survey results

suggest that member

satisfaction and engagement is

significantly higher for SMSF

Fund members.

Source: Investor Daily

REGULATION

The parliamentary joint

committee (PJC) on

corporations and financial

services has voiced its support

for the Financial System

Inquiry's (FSI) recommendation

concerning the powers of the

Australian Securities and

Investments Commission (ASIC).

The PJC recommended that

ASIC should be empowered to

have greater oversight of

industry managers and

executives to ensure individual

accountability and a better

compliance culture.

Source: Investor Daily

QMV SuperBrief Quick Superannuation Industry News

Issue #52 of 2014: Friday, 26th December