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2010/08/30 FPA: Media Release: Greater consumer engagement with super needed
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30.08.2010
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Greater consumer engagement with superannuation needed. Seventy per cent of Australians approaching retirement believe the superannuation guarantee (SG) levy should be raised, according to research by Investment Trends. The Investment Trends September 2009 Retirement Income Report, which surveyed 2,178 people aged 40 and over, found that 67 per cent of pre-retirees felt they did not have enough superannuation to meet their retirement income goals and that 70 per cent believe that SG has to be greater than the current 9 per cent to provide enough to retire on. Financial Planning Association (FPA), CEO Mark Rantall said the FPA supported any government proposal that increased the retirement savings of Australians. This research reinforces our belief that something must be done to ensure Australians have enough superannuation to fund retirement, Mr Rantall said.
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2010/08/18 Political Alert: Disqualification Notice: Superannuation Industry (Supervision) Act 1993
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20.08.2010
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Gazette GN 32 - Superannuation Industry (Supervision) Act 1993. Disqualification from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity - Mr Minh Chieu Nguyen; Mr Peter Montgomery; Christopher Carter; Mr Edward Pincott; Mrs Janette Pincott; John David Robson; Leonie Frieda Robson.
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2010/08/09 Political Alert: Russell Investments: Super funds must raise their game in stress testing
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13.08.2010
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SUPER FUNDS MUST RAISE THEIR GAME IN STRESS TESTING AND LOOK FOR THE UNEXPECTED, RUSSELL SAYS.
As good governance and liquidity management become increasingly important in the post-GFC world, superannuation funds should step-up and conduct more rigorous stress testing, according to Russell Investments. The superannuation industry is the subject of increased scrutiny following the global financial crisis which put pressure on fund liquidity ratios. In response to these pressures, the Cooper Review has recommended that liquidity projections take into account cash flows, which would require funds to increase focus on governance, making super funds more complex. Matthew Burgess, director of actuarial and benefits consulting at Russell Investments, said stress testing of superannuation funds would likely show that super funds are satisfactorily managed overall, but this should not prevent trustees from rigorously testing their funds under various scenarios.
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2010/08/03 Choice Media Release: Super Satisfaction Survey
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13.08.2010
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SUPER SATISFACTION SURVEY.
Choice Media Release. Nearly a quarter of retail super fund investors are thinking of switching to other superannuation options, according to a CHOICE survey of more than 1400 of its members. Whether it be dissatisfaction with fees, customer service or investment performance, 23% of retail fund members said they are considering a switch, compared to 9% of corporate fund clients, 7% of industry fund respondents and 4% of those in public sector funds.
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2010/07/28 Political Alert: Draft SMSF Determination SMSFD 2010-D1
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12.08.2010
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Draft SMSF Determination - SMSFD 2010/D1.
Self Managed Superannuation Funds: for the purposes of the Superannuation Industry (Supervision) Regulations 1994, can a benefit payable with a cheque or promissory note be 'cashed' at the time the cheque or note is issued? Application: when the final Determination is issued, it will apply to years of income commencing both before and after its date of issue.
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2010/07/27 Political Alert: Explanatory Statement to Amendments to Australian Accounting Standards
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12.08.2010
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Explanatory Statement to the AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements - June 2010 - contains consequential amendments to Australian Accounting Standards arising from the Reduced Disclosure Requirements.
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2010/07/27 Political Alert: Amendments to Australian Accounting Standards: Reduced Disclosure Reqs
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12.08.2010
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AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements - June 2010 - contains consequential amendments to Australian Accounting Standards arising from the Reduced Disclosure Requirements. See related Link for Explanatory Statement.
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2010/07/12 ANZ Media Release: The 'New Retirement'
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12.07.2010
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New research released by ANZ today revealed that the top things ‘Baby Boomers' want to do during their retirement are to travel around Australia (92 per cent)2 followed by spending more time on hobbies or playing sports (83 per cent). However, ANZ's 'New Retirement' survey found almost half of Australians aged between 45 and 64 do not feel confident they have adequate funds to do what they want in retirement (49%). Only 24 per cent are extremely or very confident about their finances. ANZ Managing Director, Retail Distribution, Louis Hawke said this lack of confidence and the changing nature of retirement prompted the bank to introduce a Retirement Banking Specialist at every branch across its Australian network.
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2010/07/04 Political Alert: Superannuation Supervisory Levy Imposition Explanatory Statement 2010
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07.07.2010
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This Determination relates to a levy imposed by the Superannuation Levy Imposition Act 1998 on superannuation entitities.
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2010/07/04 Political Alert: Superannuation Supervisory Levy Imposition Determination 2010
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07.07.2010
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This Determination relates to a levy imposed by the Superannuation Levy Imposition Act 1998 on superannuation entitities.
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2010/07/04 Political Alert: Retirement Savings Account Providers Supervisory Levy Imposition
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07.07.2010
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This Determination relates to a levy imposed on providers of retirement savings accounts by the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
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2010/07/04 Political Alert: Retirement Savings Account Providers Supervisory Levy Imposition
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07.07.2010
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Explanatory Statement. This Determination relates to a levy imposed on providers of retirement savings accounts by the Retirement Savings Account Providers Supervisory Levy Imposition Act 1998.
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2010/07/01 Political Alert: Small business super clearing house commences operation
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07.07.2010
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The Minister for Human Services, Chris Bowen MP, today said the Government has delivered on its promise to provide a free superannuation clearing house service for small businesses. "The Small Business Superannuation Clearing House started operating today, fulfilling an important election pledge," Mr Bowen said. "This free service will deliver significant benefits to small businesses with fewer than 20 staff by reducing the red tape burden associated with the choice of fund rules introduced by the previous Government."
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2010/06/30 Political Alert: Reportable employer superannuation contributions
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07.07.2010
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The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has announced a reform to clarify the scope of the reportable employer superannuation contributions definition, which is used in determining eligibility for a range of government financial assistance programs. Reportable employer superannuation contributions (or RESC) are generally superannuation contributions made under a formal salary sacrifice agreement but include other contributions made on behalf of an individual that the individual has capacity to influence to ensure the definition is not subverted.
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2010/06/29 Political Alert: Super profits without a tax: Technology driving super & payroll
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30.06.2010
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Australian wage and salary earners will derive immediate benefits from more efficient handling of payroll deductions - including their mandated superannuation guarantee payments - through the use of intelligent e-commerce solutions.
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2010/06/11 Political Alert: ASIC releases information to aid compliance
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15.06.2010
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ASIC releases informaiton sheets to aid compliance with new national consumer credit regime. ASIC has recently published a package of new information sheets containing frequently asked questions (FAQs) about the new National Consumer Credit Protection regime to help lenders, brokers and intermediaries comply with the new requirements.
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2010/06/10 Political Alert: Whats new in 2010
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15.06.2010
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The ATO said there have been some changes to tax over the past year which may benefit or affect you, such as the removal of the baby bonus, changes which affect same sex relationships and additional information required to claim the superannuation co-contribution.
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2010/06/10 Political Alert: Get capital gains right in 2010
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15.06.2010
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The ATO will continue to focus on capital gains tax (CGT) this year. Last financial year the ATO reviewed or audited more than 1,000 individual CGT claims, resulting in revenue adjustments of over $5 million.
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2010/06/01 Political Alert: Australian consumer law - unfair contract termshot!
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02.06.2010
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From 1 July 2010, ASIC will administer new law to deal with unfair terms in consumer contracts for financial products and financial services. The introduction of a national unfair contract terms law is part of the new Australian consumer law which introduces a single, national consumer law.
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2010/05/26 Political Alert: Super: the case for microeconomic reformhot!
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31.05.2010
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Super System Review Chair Jeremy Cooper in an address to the Committee for Economic Development of Australia (CEDA) discusses the case for microeconomic reform; Is the super system competitive; Why is competition difficult in super?; Inefficient back office; e-commerce; Economics of the back office; Regulating for efficiency; MySuper; SuperStream.
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2010/05/26 Political Alert: Information for invesotrs in frozen fundshot!
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31.05.2010
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ASIC today published information to better inform investors in 'frozen funds' about their rights in relation to the freezing of funds and to confirm which entities have received relief to assist in the redemption of funds.
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2010/05/19 Political Alert: Superannuation Guarantee Ruling 94/2
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19.05.2010
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Notice of Withdrawal. Superannuation guarantee: extension of time under the Superannuation Guarantee (Administration) Act 1992 (SGAA) Ruling no longer necessary.
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2010/05/19 Political Alert: Notice of proposed data matching program
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19.05.2010
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On 30 June 2010 Centrelink will complete a matching process of customer records with debts against the Australian Taxation Office Taxpayer Records System. The matching process will enable Centrelink to identify instances where a person with a debt is eligible for a payment from the ATO (e.g. a tax refund or available credit). Centrelink may then give a notice to the ATO requiring them to pay some, or all, of the amount to Centrelink in order to satisfy or partially satisfy a debt owed by the person to Centrelink.
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2010/05/18 Political Alert: Administration of the Superannuation Co-contribution Scheme
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19.05.2010
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The Australian National Audit Office released Performance Audit Report No. 35 2009-10 - Administration of the Superannuation Co-contribution Scheme - Australian Taxation Office. The objective of the audit was to assess the effectiveness of the ATO's administration of the Scheme.
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2010/05/17 Political Alert: Rudd Government Commences Consultation on Future Financial Advice Reform
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18.05.2010
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The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced the commencement of consultation on the Future of Financial Advice reforms announced on 26 April 2010. Now that the key principles have been established, the next step is for Treasury to consult with stakeholders on the details for implementing the reforms, in particular the accountant's exemption and adviser charging.
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2010/05/07 Political Alert: Tax dedubtibility of total & permanent disability
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13.05.2010
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On 13 October 2009 the Minister for Financial Services, Superannuation and Corporate Law announced an amendment to the tax law to provide transitional relief to complying superannuation funds for the deduction of insurance premiums for Total and Permanent Disability (TDP) benefits for the income years 2004-05 to 2010-11.
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2010/05/07 Political Alert: Response to Submissions on CP112
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10.05.2010
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Dispute Resolution Requirements for Credit and Margin Lending. This report highlights the key issues that arose out of the submissions received on Consultation Paper 112 Dispute resolution requirements for consumer credit and margin lending (CP 112) and details our responses to those issues.
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2010/05/07 Political Alert: Press Release - New tax system for managed investment trusts
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13.05.2010
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The Assistant Treasurer, Senator Nick Sherry announced the Rudd Government will put in place a new tax system for Managed Investment Trusts (MITs) for commencement on 1 July 2011. The $120 million overhaul includes a dedicated new tax regime for MITs that will remove longstanding investor uncertainty in the interaction of Australian tax and trust law.
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2010/05/07 Political Alert: Media Release InvestSMART Reporthot!
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13.05.2010
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Self-Directed Investors' Risk Appetite Returning to Pre-GFC Levels. InvestSMART Financial Services' Quarterly Managed Fund Investment Indicator has found demand for managed funds is up by 29% year on year, while investors have shown a move away from favouring defensive asset classes, such as Fixed Interest and Property, in favour of Shares. The report tracks self-directed investors' investment intentions, analysing the Product Disclosure Statements (PDS) requests of over 1,200 managed funds available through InvestSMART and comparing demand on a quarterly basis. Findings from the March quarter indicated that total interest in investment activity dropped off slightly, while investor interest was up by 29% year on year, following two consecutive years of falls in the numbers of PDS's requested.
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2010/05/07 Political Alert: Media Release - Regulations made supporting the new margin loanhot!
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13.05.2010
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The Minister for Financial Services, Superannuation, and Corporate Law, Chris Bowen, welcomed the prescribing regulations as part of the Commonwealth's new margin lending regime. The margin lending regulations complement the previous primary legislation put in place by the Government ensuring the appropriate regulation of margin loans and protections for consumers, Mr Bowen said. One of the main aims of this regulatory regime is to protect borrowers from the abuses that have occurred in the past in relation to margin loans, such as in the case of Storm Financial.
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2010/05/07 Political Alert: Media Release - National regulation of trustee companies commences
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13.05.2010
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The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, announced the commencement of national regulation of licensed trustee companies. The national regulation of licensed trustee companies delivers an another important economic reform through the Council of Australian Government's (COAG) Reform Agenda, Minister Bowen said. The new laws will ensure that the interests of consumers - including charitable trusts and beneficiaries of trusts and estates managed by trustee companies - are protected to the greatest extent possible.
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2010/05/07 Political Alert: Media Release - Managed investment trusts announcement
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13.05.2010
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Managed investment trusts announcement clarifies critical grey areas. According to Deloitte Tax Partner Adele Watson, the announcement today by the Assistant Treasurer Nick Sherry on managed investment trusts (MITs) clarified two critical grey areas for the sector. The first affirms that MITs can distribute taxable net income if they have an accounting loss for instance, which will remove the uncertainty of additional tax being imposed on the trustee, said Ms Watson. The other clarification is that the Government has accepted into tax legislation a long standing industry practice of carrying forward over and under distributions of trust income components to the next year, subject to certain caps. Managers will need to be mindful however, if the distributions fall outside the caps they will need to act, either by paying additional tax or by going back to the investor to advise the correct position.
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2010/05/07 Political Alert: Managed investment trusts tax shake-up applaudedhot!
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13.05.2010
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Government changes to the taxing of managed investment trusts are good news for millions of Australians, the country's leading taxation professional body said today. The Taxation Institute of Australia says simplification of the tax rules for MITs is necessary to remove inconsistencies and uncertainty that have existed for years. "Even after the landmark Bamford Case in the High Court in March this year some grey areas remained in relation to the taxation of trusts," Institute Senior Counsel Robert Jeremenko said.
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2010/05/07 Political Alert: Licensing: Internal and External Dispute Resolution
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10.05.2010
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This guide explains what AFS licensees, unlicensed product issuers, unlicensed secondary sellers, registered persons, credit licensees and credit representatives must do to have a dispute resolution system in place that meets ASIC's requirements. This guide should be read in conjunction with Regulatory Guide 139 Approval and oversight of external dispute resolution schemes (RG 139).
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2010/05/07 Political Alert: Dispute Resolution Requirements for Consumer Credit and Margin Lendinghot!
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10.05.2010
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This Regulation Impact Statement (RIS) addresses ASICs proposals for the new dispute resolution requirements for: registered persons, credit licensees and their authorised credit representatives under the National Consumer Credit Protection Act 2009 and the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009; and margin lenders and those who provide advice on margin lending financial services under the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009.
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2010/05/07 Political Alert: Approval and oversight of external dispute resolution schemeshot!
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13.05.2010
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This guide explains how external dispute resolution (EDR) schemes can obtain initial approval from ASIC to operate in the Australian financial system and/or Australian credit system and, once approved, their ongoing requirements to maintain approval. This guide should be read in conjunction with Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165).
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2010/05/07 Political Alert: Advisory - Access to dispute resolution for consumers...hot!
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13.05.2010
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Access to dispute resolution for consumers of credit and margin lending financial services. From 1 July 2010, Australian consumers will have much greater access to free, independent external dispute resolution services when they have a problem with their credit provider or broker following the release of updated regulatory guidance from the Australian Securities and Investments Commission (ASIC). To ensure that the dispute resolution system appropriately deals with consumer credit disputes, ASIC has today released updated regulatory guidance that will apply to registered persons, credit licensees, credit representatives and margin lending financial service providers.
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2010/05/06Political Alert: Aust securities & investments commission amendment regulations 2010 (No1)
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13.05.2010
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The Regulations amend the Australian Securities and Investments Commission Regulations 2001 to support the national regulation of trustee companies which was implemented by Schedule 2 of the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009.
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2010/05/06 Political Alert: Superannuation legislation amendment bill 2010
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13.05.2010
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Superannuation and relationship breakdowns. The Commonwealth Department of the Treasury released exposure draft legislation to amend the Superannuation Industry (Supervision) Act 1993 to allow the trustee of a regulated superannuation fund to acquire an asset in-specie from a related party of the fund, following the relationship breakdown of a member of the fund, without contravening the prohibition in subsection 66(1).
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2010/05/06 Political Alert: Corporations amendment regulations 2010 (No3) Regulations
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13.05.2010
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The Regulations amend the Corporations Regulations 2001 to support the national regulation of trustee companies which was implemented by Schedule 2 of the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009.
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2010/05/06 Political Alert: Corporations amendment regulations 2010 (No3) Explanatory Statement
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13.05.2010
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The Regulations amend the Corporations Regulations 2001 to support the national regulation of trustee companies which was implemented by Schedule 2 of the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009.
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2010/05/06 Political Alert: Aust securities & investment commission amendment regulations 2010 (No1)
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13.05.2010
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Explanatory Statement. The Regulations amend the Australian Securities and Investments Commission Regulations 2001 to support the national regulation of trustee companies which was implemented by Schedule 2 of the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009.
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2010/04/29 Political Alert: Treasury Disqualification Noticehot!
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10.05.2010
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Disqualification from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity - Mrs Trudy B Schieb; Mr Christopher T Davey.
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2010/04/26 Information Pack: Future of Financial Advicehot!
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28.04.2010
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This package represents a comprehensive Government response to the recent Inquiry into Financial Products and Services in Australia by the Parliamentary Joint Committee on Corporations and Financial Services (the PJC Inquiry, see Attachment A), which was set up in the wake of collapses such as Storm Financial and Opes Prime.
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2010/04/08 Political Alert: Wanted 6 Million Austustralians who want to find over $5 billionhot!
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19.04.2010
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The issue of small and lost account balances in the superannuation industry has once again come to the forefront with SuperRatings' just released research showing that small and lost accounts in the Eligible Rollover Fund (ERF) sector continues to grow, with an additional 140,000 accounts being created last financial year. This brings the total number of accounts to over 6 million, more than 15% of all superannuation accounts, and represents some $5.15 billion in effectively unclaimed super.
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2010/03/24 Political Alert: Disqualification Orderhot!
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24.03.2010
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Disqualification from being an approved auditor of a regulated superannuation entity in accordance with sebsection 131(1) - Mr David Russell Cooper. Disqualification from being a trustee or a responsible officer of a body corporate that is a trustee, investment manager or custodian, of a superannuation entity - Miss Ronette Hernandez; Mr Ric Hernandez.
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