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relying on the information presented.

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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