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Insurance sector reform under the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020
Insight 30 Nov 2020

After several months of delay due to COVID-19, the Bill implements a large number of the Hayne Royal Commission recommendations, and in particular picks up several of the recommendations that are aimed at reforming the insurance sector. ...

A 'single default account' - your superannuation follows you
Insight 27 Nov 2020

The exposure draft legislation released yesterday for a 'single default account' aims to limit 'the creation of multiple superannuation accounts for employees who do not choose a superannuation fund when they start a new job'. ...

Retirement Income Review
Insight 23 Nov 2020

Our key takeaways from the Government's Retirement Income Review (with a focus on the superannuation implications). ...

APRA's revised Prudential Standard CPS 511 on remuneration frameworks and incentives for ADIs, superannuation funds and insurers
Insight 16 Nov 2020

After 17 months of consultation and internal review, APRA has released its revised draft prudential standard on remuneration (CPS 511) seeking to regulate incentive structures across all APRA-regulated entities. ...

Government introduces the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020
Insight 13 Nov 2020

The government yesterday introduced into Parliament the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 to implement a large number of the Hayne Royal Commission recommendations. Many provisions have a start date of 1 January 2021, and some don't have a transition period. ...

Your guide to the 'Your Future, Your Super' package reforms
Insight 27 Nov 2020

Consultation is now open on the Government's 'Your Future, Your Super' package. As foreshadowed on Budget night, the package seeks to make three key changes to the current superannuation regulatory regime. ...

Act fast, act well: Federal Court decision reinforces the importance of robust compliance programs for banks and other financial services licensees
Insight 27 Oct 2020

Chief Justice Allsop of the Federal Court recently imposed on a bank, by consent of ASIC and the bank, civil penalties totalling $10 million for unconscionable conduct in carrying out an inadequate customer remediation process. It highlights the importance of banks and other financial services licensees having in place robust compliance programs and taking prompt and comprehensive action where possible non-compliance is identified. ...

A key landmark in IBOR transition
Insight 23 Oct 2020

The long-awaited ISDA IBOR Fallbacks Supplement and Protocol will be going live today with the endorsement of ASIC, the RBA and APRA. They implement new benchmark fallbacks for both future and existing derivative contracts, facilitating the efficient transition from LIBOR and other IBORs in anticipation of their discontinuation. If you have a derivatives portfolio, the Protocol allows quick and easy adoption of the new fallbacks through a one-off adherence. That said, it may not be sufficient to cover all scenarios. ...

Linklaters: Key finance insights
Insight 07 Oct 2020

The pandemic has shone blinding spotlights on existing areas of concern within competition law and accelerated attempts by policy makers to find solutions. ...

What this means for mortgage brokers and financial advisers
Other

The response to the Final Report The Government's initial response to support the Recommendations was met with intense dissatisfaction and criticism from the mortgage broking industry. Industry groups argued that banning trail commissions ...

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