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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