ASIC has released Report 337 SMSFs: Improving the quality of advice given to investors. The report summarises the findings from the first major project undertaken by ASIC’s Self-managed superannuation fund (SMSF) taskforce. Self-managed super funds represent the fastest growing superannuation sector in Australia, with $439 billion assets held by funds. ASIC Commissioner Peter Kell said [...]
continue readingThe number of excess concessional contributions and excess non-concessional breaches of the relevant caps fell in 2010-11. SMSF Professionals’ Association of Australia (SPAA) Technical Director Graeme Colley says: “Members of super funds and their advisers are increasingly getting a better understanding of the lower concessional contribution caps and many appear to have adjusted accordingly. [...]
continue readingASIC has provided an update on the proposal to introduce a national examination for financial advisers. ASIC has decided to delay work on the implementation of the exam to allow appropriate time for other reforms to be implemented in the financial advice sector, notably the Future of Financial Advice (FOFA) package. ASIC views the exam as [...]
continue readingThe SMSF Professionals’ Association of Australia (SPAA) CEO Andrea Slattery says the Federal Government’s superannuation announcement today was a step in the right direction to “depoliticise” the superannuation system. “We appreciate that the Minister for Financial Services and Superannuation, Bill Shorten, was willing to listen to our concerns and acted on most of them, [...]
continue readingLast week’s release by the Federal Government of proposed changes to superannuation provide mixed results for Australians, according to the Association of Financial Advisers (AFA). “Yesterday the AFA called for an amnesty on superannuation and today’s announcement has gone a long way to maintaining consumer confidence,” said AFA CEO, Brad Fox. “However, we are concerned that [...]
continue readingThe Financial Planning Association (FPA) welcomes the Government bringing forward their announcement on the changes to the superannuation system. Mark Rantall, CEO of the FPA said: “We believe it is critical for Australians to have certainty and to maintain confidence in one of the best retirement systems in the world. We welcome the government on [...]
continue readingThe Association of Financial Advisers (AFA) is calling for an amnesty on making changes to the taxation of superannuation in next month’s Federal budget in order to restore consumer faith in the Australian retirement system. The call comes in response to reports from AFA members of a significant increase in client concern following speculation around [...]
continue readingFeedback from the latest stage of the Financial Planning Association’s (FPA) ‘Bulletproof Financial Planning’ campaign, the FPA webinar series, indicates that FoFA compliance and understanding of implementation continue to be main concerns for financial planners. The FPA member-only webinar series, which concluded last month, aimed to help individual practitioners and professional practices prepare for [...]
continue readingThe high regard in which the SMSF Professionals’ Association of Australia (SPAA) is held across the superannuation industry has been reaffirmed by AMP’s decision to recruit SPAA’s Technical Director, Peter Burgess. SPAA CEO Andrea Slattery says: “SPAA’s primary role is to lift the professional standards across the SMSF sector, and Peter has played an integral [...]
continue readingASIC has amended existing market integrity rules and related guidance to help with the introduction of retail trading of Commonwealth Government Securities (CGS) depository interests on the Australian Securities Exchange. The rules are one element of the regulatory framework for the retail trading of CGS depository interests on public exchanges. The Australian Government has previously [...]
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