QMV SuperBrief Issue #29 of 2015

1
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 QMV TAXATION The Association of Superannuation Funds of Australia (ASFA) has confirmed that Treasury is consulting with its UK counterpart, HRMC, to resolve outstanding issues impacting Australian Superannuation Funds following the tax increase to UK pension transfers (QROPS) implemented earlier this year. Source: Money Management CODE OF PRACTICE At a recent round table discussion of industry stakeholders, Specialist Lawyer John Berrill called for an industry code of practice to be implemented for the processing of TPD insurance claims. Source: SuperReview INVESTMENT Superannuation Fund Administrator Link Group continues its plan to float on the Australian share market. The company has an estimated worth of up to $2.5B and is expected to raise $400M from its primary equity raising. The Initial Public Offering will draw the interest of several international investors. Source: Australian Financial Review FINANCIAL ADVICE The Australian Securities and Investment Commission (ASIC) has released two new Information Sheets (INFO 205 & INFO 206) providing guidance to Financial Advisers who provide advice on Self- Managed Super Funds (SMSF). The information sheets relate to conduct and disclosure obligations. Source: ASIC APPOINTMENTS SMSF administration specialist Class Super has announced the appointment of former Shadforth Financial Group CEO, Tony Fenning, as the final new appointment to the Class Super Board of Directors. Source: Class Super RESEARCH & ANALYSIS UniSuper has announced it will undertake a four-year investigation with leading financial academics from the University of NSW to review the Fund’s default investment option and whether better member engagement could lead to improved returns. Source: The Australian (Paywall) LEGAL & COMPLIANCE Omniwealth Services Pty Ltd this week complied with an ASIC infringement notice and paid a $10,200 penalty for offences relating to potentially misleading claims displayed on the company’s website. A link to the relevant webpage was also promoted via a social media profile belonging to the company’s CEO. Source: ASIC National Australia Bank’s wealth management (NAB Wealth) business has announced a compensation package totalling $25M to compensate 62,000 members impacted by taxation and income estimate errors associated with NAB Wealth’s Navigator Wrap Platform. Source: ASIC SMSF ACCREDITATION The SMSF Association has launched an accreditation program targeted at all service providers in the SMSF space. The program was established in response to requests from employers in the SMSF industry. Source: SMSF Association SuperBrief Independent & Concise Issue #29 of 2015: Friday, 24 th July

Transcript of QMV SuperBrief Issue #29 of 2015

Page 1: QMV SuperBrief Issue #29 of 2015

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

QMV TAXATION

The Association of

Superannuation Funds of

Australia (ASFA) has confirmed

that Treasury is consulting with

its UK counterpart, HRMC, to

resolve outstanding issues

impacting Australian

Superannuation Funds following

the tax increase to UK pension

transfers (QROPS) implemented

earlier this year.

Source: Money Management

CODE OF PRACTICE

At a recent round table

discussion of industry

stakeholders, Specialist Lawyer

John Berrill called for an industry

code of practice to be

implemented for the processing

of TPD insurance claims.

Source: SuperReview

INVESTMENT

Superannuation Fund

Administrator Link Group

continues its plan to float on the

Australian share market. The

company has an estimated

worth of up to $2.5B and is

expected to raise $400M from

its primary equity raising. The

Initial Public Offering will draw

the interest of several

international investors.

Source: Australian Financial Review

FINANCIAL ADVICE

The Australian Securities and

Investment Commission (ASIC)

has released two new

Information Sheets (INFO 205 &

INFO 206) providing guidance

to Financial Advisers who

provide advice on Self-

Managed Super Funds (SMSF).

The information sheets relate to

conduct and disclosure

obligations.

Source: ASIC

APPOINTMENTS

SMSF administration specialist

Class Super has announced the

appointment of former

Shadforth Financial Group CEO,

Tony Fenning, as the final new

appointment to the Class Super

Board of Directors.

Source: Class Super

RESEARCH & ANALYSIS

UniSuper has announced it will

undertake a four-year

investigation with leading

financial academics from the

University of NSW to review the

Fund’s default investment

option and whether better

member engagement could

lead to improved returns.

Source: The Australian (Paywall)

LEGAL & COMPLIANCE

Omniwealth Services Pty Ltd this

week complied with an ASIC

infringement notice and paid a

$10,200 penalty for offences

relating to potentially

misleading claims displayed on

the company’s website. A link

to the relevant webpage was

also promoted via a social

media profile belonging to the

company’s CEO.

Source: ASIC

National Australia Bank’s wealth

management (NAB Wealth)

business has announced a

compensation package

totalling $25M to compensate

62,000 members impacted by

taxation and income estimate

errors associated with NAB

Wealth’s Navigator Wrap

Platform.

Source: ASIC

SMSF ACCREDITATION

The SMSF Association has

launched an accreditation

program targeted at all service

providers in the SMSF space.

The program was established in

response to requests from

employers in the SMSF industry.

Source: SMSF Association

SuperBrief Independent & Concise

Issue #29 of 2015: Friday, 24th July