Stephen Jones has had enough, ASIC finds more things to yell at super funds about (scam management this time), so much news and a LOT of events coming up.
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SSFPP

 

Hi There

 

Another big news week!

 

Stephen Jones, Minister for Financial Services, has announced that his tenure will end at the next federal election. He has actually managed to get quite a bit done over his term. Although sadly not phase 2 of QAR (the 'getting rid of SOAs' bit). Will be interesting to see who we have post the election and where their focus lies. Could be, er, interesting...

 

And ASIC has cracked down on 'unsuitable super advice' stating that it has observed significant superannuation fund inflows into high-risk investments and payments to lead generation businesses, driven by high-pressure sales tactics and social media. About time too! 

 

More details below plus all the latest news and events. It's going to be a big year in super!

 

Cheers

Sarah

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NEWS & VIEWS 

 

ASIC calls out super trustees over 'weak' anti-scam practices - Financial Standard. Yeah OK ASIC, this was a bit of an overreach. Every super fund and platform I know is working hard on this. It's starting to look like they just enjoy yelling at super funds... or is that just me?! - SP

 

Sharemarket gains push super assets to new heights: APRA - Super Review

 

FSC boss says super tax ‘symbolic’ of Australia’s failing tax system - SMSF Adviser

 

Mandatory service standards for super funds 'long overdue', says CPA - Accountants Daily

 

Super sector throws support behind reforms to improve member outcomes - IFA

 

Outgoing super minister has no regrets on member service crackdown - Investment Magazine

 

RBA gives strong warning on super fund risks - Professional Planner

 

Transfer balance cap for super to jump to $2m - Accountants Daily

 

Labor re-commits to advice reform after Jones resigns - Professional Planner

 

ASIC stresses focus on unsuitable superannuation advice - IFA

NEWS FROM THE REGULATORS 

 

Digital disclosure legislative instruments

ASIC is seeking initial feedback on a proposal to remake ASIC Corporations (Facilitating Electronic Delivery of Financial Services Disclosure) Instrument 2015/647 and ASIC Corporations (Removing Barriers to Electronic Disclosure) Instrument 2015/649, which will sunset on 1 October. ASIC will also consider whether updates are needed to the related regulatory guide, RG 221 Facilitating digital financial services disclosures.

 

Scam and fraud practices of superannuation trustees: 

ASIC has written to superannuation trustees urging them to strengthen anti-scam practices, or risk exposing members to harm.  The open letter outlines ASIC’s guidance for superannuation trustees in preventing, detecting and responding to scams and fraud activity. It follows an ASIC review of 15 superannuation trustees which found none had an organisation-wide scams strategy in place.

 

Delivering a step-change in superannuation - ASIC newsroom

 

Annual superannuation bulletin - highlights - APRA

 

APRA increases transparency with enhancements to annual superannuation publications - APRA

 

Mandatory service standards for the superannuation industry - The Hon Jim Chalmers MP Treasurer

 

Positioning Australia’s financial reporting system for the future - Australian Govt

UPCOMING EVENTS 

 
ASFA NSW Legs&Regs Webinar: Monday, 10 February at 1pm. Our first discussion group for 2025 will be on the topic of AML with guest speaker - Laura Newton from Herbert Smith Freehills. Register here.
 

APRA Connect FAR drop-in sessions covering the process to complete and submit the ‘FAR – Register Accountable Person’ forms. Thursday 6 February, 2-3pm AEDT for superannuation entities (registration link).

Advice Policy Summit 2025 - Old Parliament House from Monday, 10 February to Tuesday, 11 February 2025 - Register here.
 
Financial Standard Chief Economists Forum 2025 - Tuesday, 18 February 2025 - The Fullerton Hotel Sydney | Thursday, 20 February - Zinc at Fed Square Melbourne - Register here.
 

ASFA Spotlight on Insurance in Superannuation - Shangri-La Sydney - Tuesday, 4 March 2025. Registration from 9:00am - Register here.

 

ASFA Budget Briefings:

Brisbane Wed 26 March| 7.00 - 9.00am - register here

Sydney Wed 26 March| 12.00 - 2.00pm - register here

Melbourne - Thurs 27 March| 12.00 - 2.00pm - register here

 

2025 ACSI Conference - Grand Hyatt Melbourne - Wednesday, 2 April 2025, 8:30am to 6pm - Register here.
 
CREW Webinars (Compliance and Risk Executive Women): stay tuned for the 2025 event list. Join CREW here - women only, sorry blokes.

STOP HURRYING ALL THE TIME!

Stop hurrying

Another great read in HBR and very relevant for today -The Insidious Effects of Hurrying by Kandi Wiens. In today's world of constant connectivity and hustle, it's easy to fall into the trap of always feeling rushed, which can leave you worn out. Here are some tips to help you take it easy without sacrificing performance.

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Then let's talk! mayflower.com.au

*Just ask us...

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