ASIC commences proceedings against Vanguard Investments
Further to our series of articles on ESG, on 24 July 2023 ASIC commenced proceedings seeking declarations, pecuniary penalties and adverse publicity orders against Vanguard Investments Australia Ltd (Vanguard) alleging misleading conduct in relation to claims about the applicability of environmental, social and governance (ESG) criteria applied to investments in an investment fund offered by […]
ReadmorePost-Budget 2023 Analysis – Superannuation – Frankly, not creditable
Following on from its previous announcement, the Australian Federal Government has confirmed that from 1 July 2025, individuals with a total superannuation balance (TSB) exceeding $3 million will be personally subject to an additional tax on increases in their TSB at a rate of up to 15%. TSB includes all superannuation held by an individual. […]
ReadmoreSenate to shine spotlight on concerning greenwashing behaviour
On 29 March 2023, the Senate announced a landmark inquiry into the practice of greenwashing in Australia, with its final report due for publication by 5 December 2023. This development echoes growing concerns both in Australia and globally regarding greenwashing by businesses across a range of sectors, including the making of vague, false or misleading […]
ReadmoreACCC internet sweep uncovers concerning environmental and sustainability claims
The Australian Competition and Consumer Commission (ACCC) has completed its anticipated internet sweep following clear messaging last year that the regulator would crackdown on misleading environmental claims. More than half of the businesses that were subject to the ACCC’s internet sweep in October 2022 were considered to have made concerning misleading claims about their environmental […]
ReadmoreRegulatory action for greenwashing is upon us
Last week, the Australian Securities and Investments Commission (ASIC) commenced civil penalty proceedings for alleged greenwashing against Mercer Superannuation (Australia) Limited (Mercer). This is in addition to ASIC having issued penalty notices to at least four companies for alleged greenwashing, since October 2022. Last year, ASIC identified investigating greenwashing and taking enforcement action where greenwashing […]
ReadmoreSection 249E corrupt benefits for trustees and others – Standing in the way of super fund mergers?
On 23 March 2022, in BT Funds Management Limited (ACN 002 916 458) as trustee for the Retirement Wrap Superannuation Fund the Court made orders giving its consent to certain conduct engaged in or proposed to be engaged in by the plaintiff, BT Funds Management Limited (ACN 002 916 458) (BTFM/Trustee) as trustee for the […]
ReadmoreConsumer Data Right – becoming an Accredited Data Recipient
The Consumer Data Right (CDR) reached a further milestone on 1 July 2020, as the Big 4 banks are now required to share consumer data in response to a consumer request. At present, this includes data from debit and credit cards, and savings and transaction accounts, and from November 2020 will include data from home […]
ReadmoreConsiderations for an early release of superannuation request
Quite often a lender will receive a request from their customer to support an early release of superannuation to assist with mortgage repayments and pay outstanding arrears in situations where the lender has commenced enforcement action for possession of the mortgaged property. Click here for full size image. […]
ReadmoreAre you ready for the new Superannuation laws to take effect on 1 July 2017?
The proposed changes are very complex as is evidenced by the colossal amount of explanatory material, compliance guidelines and legislation which the government has issued since the changes were announced. How do the changes affect me? The most significant change is the imposition of a transfer balance cap (TBC), which will impose a $1.6 […]
ReadmoreDeath tax? How the superannuation changes may lead to your dependants paying more tax
If you intend to leave your superannuation to a dependant (e.g. your spouse, child or children) by way of pension as opposed to a lump sum, then it is critical that you have your estate plan reviewed in light of the government’s superannuation changes commencing on 1 July 2017. What are the relevant changes? […]
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