This week’s Super Alert looks at ASIC’s approval of the amended AFCA Rules to take account of legacy complaints and also the release of a new interest rate determination under the Family Law (Superannuation) Regulations 2001.

ASIC approves AFCA Rules to deal with legacy complaints

On 18 June 2019, ASIC issued a media release stating that it has approved changes to the AFCA Rules which will allow “expanded access to the AFCA scheme for consumers and small businesses that were harmed by financial misconduct, dating back to 1 January 2008”. As explained in our Super Alert – 22 March 2019, this expanded remit will operate from 1 July 2019 to 30 June 2020.

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New interest rate for defined benefit base amount family law splits

On 13 June 2019, the Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2019 (Determination) was registered on the Federal Register of Legislation. The Determination specifies the interest rate for an adjustment of a base amount in a defined benefit interest under regulation 45D(3) of the Family Law (Superannuation) Regulations 2001. The Determination commences from 1 July 2019.

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This alert was written by Natalie Cambrell, Partner, Damian Tarulli, Special Counsel and Sanela Osmanovic, Associate.​