News : Regulation

Compliance, Regulation

SMSF advice ranks highly in AFCA complaints

SMSF advice AFCA complaints

Complaints involving SMSF advice rank among the highest of the financial planning disputes the Australian Financial Complaints Authority has had to deal with, statistical data has shown.

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Regulation, Superannuation

Super sector will be reformed despite fund inertia

superannuation reform member interests

The superannuation sector needs to move past the sacred cows of its origins and serve the interest of members or run foul of the reform agenda of the federal government.

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Compliance, Regulation

AFCA given power to name dispute firms

AFCA name and shame

The industry-wide dispute resolution body will be able to ‘name and shame’ financial services firms under new powers granted to it by ASIC.

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Regulation, Superannuation

SuperStream deferral introduced into parliament

SuperStream deferral

Regulations that will push back the start date of SuperStream for SMSFs into 2021 have entered parliament, locking in the deferred timetable released earlier this year.

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Accounting, Regulation

Industry overstating NALI impact

non-arm’s-length income statistics

The SMSF sector is placing more importance on the non-arm’s-length income rules than is warranted by ATO statistics, according to an accounting body.

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Education, Regulation

New competency model needed to retain accountants

competency model accountants limited licensing

A new competency model for accountants should be implemented to offset the impact of FASEA reforms on the limited licencing model, an SMSF expert says.

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Regulation, Superannuation

SMSF Association calls for residency test review

SMSF residency test

The residency test for SMSFs is a rule the SMSF Association will be encouraging the government to amend due to some resulting poor outcomes for superannuants.

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Regulation

Regulation uncertainty to escalate adviser struggles

financial advisers regulatory uncertainty

The latest sector research shows advisers expect the challenge of regulatory uncertainty to increase when it comes to servicing SMSF clients.

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Financial Planning, Regulation

Government puts an end to grandfathered commissions

end grandfathered commissions advisers

The government is set to introduce legislation that will end the grandfathering of conflicted remuneration to financial advisers by 1 January 2021.

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ATO, Regulation

Sector angst over administrative penalties

SMSF administrative penalties

Recent events indicate the ATO has changed its approach to issuing SMSF administrative penalties for legislative breaches, with the development raising sector concerns.

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