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SuperBrief Independent & Concise

Issue #2 of 2015: Friday, 16th January

REGULATION

Recent news of increased

scrutiny of “vertically integrated

businesses” within the wealth

management sector has

prompted responses from

several industry bodies. The

Financial Planning Association

(FPA) has said that clarification

is required, as well as discussion

around whether vertical

integration is a bad thing.

Meanwhile the Australian

Bankers Association (ABA) has

pointed out that vertical

integration is much more

widespread in superannuation

funds, and not just centred

within larger institutions such as

banks.

Source: Super Review

Source: Investor Daily

MYSUPER

Interviews undertaken with fund

executives by the Centre for

International Finance and

Regulation (CIFR) has found

that while most saw the

MySuper changes as costly and

disruptive, the majority agree

that the overall changes were

positive, highlighting the

increased sense of fiduciary

duty toward disengaged

members.

Source: Financial Standard

RETIREMENT

The Association of

Superannuation Funds of

Australia (ASFA) has released

the ASFA Retirement Standard

for Older Retirees, which is

intended to assist both

government policy and

individual retirement planning.

The new standard focuses on

the 90-95 age group and

recognises the different

spending needs of older

retirees, whereas the old

standard focused on the 70

year old bracket.

Source: ASFA

INDUSTRY

Australian Unity Personal

Financial Services has been

successful in its acquisition of

Premium Wealth Management,

with a nearly unanimous

acceptance of its acquisition

offer by shareholders.

Source: Financial Standard

SMSF

The SMSF Professionals’

Association of Australia (SPAA)

has backed a proposal by the

Parliamentary Joint Committee

(PJC) that would require

minimum education standards

for SMSF financial advisers, with

a bachelor’s degree being the

minimum required.

Source: SPAA

SUPER GUARANTEE

The Australian Tax Office (ATO)

has been successful in retrieving

$8 million in unpaid SG

obligations from labour-hire

companies.

Source: Super Review

FINANCIAL PLANNING

A new report from Investment

Trends titled Adviser Product

Needs and Marketing Needs

Reports, shows that financial

planners are desperate for

more information from fund

managers to assist with better

education and simpler stories

for their clients.

Source: Investor Daily

State Super Financial Services

(SSFS), which provides financial

planning services to the public

service sector, has announced

its intention to offer its services

to other not-for-profit

superannuation funds.

Source: Super Review

FOFA

Consumer advocate group

Choice has called for the

conflicted remuneration ban to

be extended to include asset-

based fees.

Source: Money Management