Close this search box.
Issue 872, 11 October 2022 
In this issue: 


Optus data breach: data sharing between Optus and APRA-regulated entities  

Following the widely reported Optus data breach, the Government has announced that it has prepared amendments to the Telecommunications Regulations 2021. These are designed to allow Optus and other telecommunication companies to better coordinate with financial institutions, the Commonwealth, and states and territories, to detect and mitigate the risks of cyber security incidents, frauds, scams and other malicious cyber activities. 

The amendments will enable:  

The Government has indicated that the proposed regulations include strong privacy and security safeguards to ensure that only limited information can be made available for certain purposes. These include stipulations that:   

The proposed regulations themselves have not, at this time, been released.  

APRA has published some frequently asked questions (FAQs) in relation to the announcement. These indicate that:  

APRA has advised that it will update the FAQs as the initiative progresses.  

AUSTRAC has also encouraged reporting entities to consider implementing controls to respond to the increased risk of identity theft, including when accepting new customers and monitoring for existing customers who may have had their personal data compromised.  


APRA heatmap FAQs  

APRA has released new and updated frequently asked questions (FAQs) on the superannuation heatmaps, with the 2022 MySuper and Choice Heatmaps to be released in December.  

The FAQs confirm:  


APRA Insight: managing outsourcing arrangements   

APRA has published an Insight article on the outcomes of its recent thematic review into superannuation trustees’ outsourcing arrangements.   

APRA’s review found that, since the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, trustees have strengthened their board oversight and monitoring of outsourcing arrangements and service providers.   

The thematic review, conducted between February 2019 and October 2021, involved an in-depth review of the management of outsourcing arrangements across a sample of 10 retail superannuation trustees. The review covered four key services – administration, financial advice, investment management and insurance – across the sampled trustees.  

APRA’s key observations focus on three areas:  

The Insight article includes ‘better practice’ and ‘poorer practice’ examples for each of these three areas.  

APRA has noted that the findings from the thematic review have informed draft CPS 230 Operational Risk Management and will also be used to develop guidance to accompany CPS 230. (APRA is currently consulting on draft CPS 230, see ASFA Action issue 862for background.)  


WA de facto family law super splitting: social security instrument  

As reported in ASFA Action issue 870, amendments to Commonwealth and Western Australian (WA) legislation commenced on 28 September to extend the family law superannuation splitting regime to separating WA de facto couples.  

The Government has now registered the Social Security Amendment (Family Law—Western Australia De Facto Superannuation Splitting) Determination 2022. This Determination makes consequential amendments to four instruments relating to valuing superannuation income streams for the purposes of the social security means test, to reflect the reforms. The impacted instruments are:  


Treasurer’s Investor Roundtable 

The Treasurer has announced the establishment of an Investor Roundtable, “to identify and unlock investment opportunities in national priority areas”.  

According to the Treasurer, the Roundtable will “bring together leaders from the investment community including from some of Australia’s largest superannuation funds, the major banks and global asset managers, to identify and overcome barriers to investment”.  

The first Roundtable will be held in November, focusing on housing. The discussion will cover topics including:  

Future roundtables will examine topics including data and digitisation and clean energy. 




ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

Close this search box.
Close this search box.

Logged in as

Most recent