Post on 17-Aug-2015
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DISCLOSURE
The Australian Institute of
Superannuation Trustees (AIST)
has called on the federal
government to maintain
separate disclosure of low
income superannuation
contribution (LISC) payments
on superannuation statements.
The government is moving
repeal legislation that requires
LISC payments to be disclosed
separately, instead of bundling
with other super concessional
payments, a strategy which
AIST said will 'mask' the benefits
of LISC. The government
previously announced plans to
abolish LISC after June 30 2017.
Source: Financial Standard
COMPLAINTS
In their latest bulletin, the
Superannuation Complaints
Tribunal (SCT) have highlighted
a number of complainants who
are of the belief that insurance
should be 'opt-in' rather than
'opt-out' and have an
expectation that the Tribunal
will order a refund of insurance
premiums
Source: Super Complaints Tribunal
SECURITY
ASIC chairman Greg Medcraft,
at a Bloomberg conference
this week, identified
cybercrime as a major risk to
financial systems and has
called for companies to beef
up their “cyber resilience”.
Source: Investor Daily
STATISTICS
The Australian Prudential
Regulation Authority (APRA)
has released its Quarterly
General Insurance
Performance Statistics
publication for the September
2014 quarter, which show net
earned premium for the
industry in the year was $31.3
billion, up 2.6 per cent from the
previous year. Net incurred
claims for the same period
were $19.3 billion, up 5.8 per
cent.
Source: APRA
MOBILITY
Fifteen per cent of Australians
check their phones more than
50 times a day, according to
the latest survey from Deloitte,
which the company says
highlights the huge opportunity
for financial services providers
to improve mobile offerings.
Source: Financial Standard
FINANCIAL SERVICES
According to the Professional
Standards Council, in a
submission to the Parliamentary
Joint Committee Inquiry on
Corporations and Financial
Services Organisations, whilst
Financial Planning Association
(FPA) may have committed to
achieving professional status,
the broader Australian financial
services industry is falling a long
way short of achieving
professional status.
Source: Money Management
REPORTING
APRA has written to super fund
trustees informing them that
APRA's information technology
and data management
systems are struggling to deal
with the new data reporting
regime it is imposing on the
entities it regulates.
Source: Financial Standard
CRIME
Fraud and Cybercrime Squad
detectives have charged a
super administrator with fraud
offences valued at $3.9 million.
Police allege the man, who
worked as a senior
administrator providing services
to a superannuation company,
altered documents and
accessed member accounts to
transfer money.
Source: NSW Police
APPOINTMENTS
AMP Capital have announced
a number of changes to its
leadership structure, including
the creation of the new role of
Global Head of Infrastructure
Equity which will be filled by the
current head of Infrastructure
— Europe and the Americas,
Boe Pahari. As a result of the
change, the Australian-based
role of Global Head of
Infrastructure, held by Scott
Davies, will no longer exist.
Source: Money Management
QMV SuperBrief Quick Superannuation Industry News
Issue #48 of 2014: Friday, 28th November