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Issue 828, 12 October 2021 
In this issue: 

 

MySuper product heatmap: APRA FAQs 

APRA has released a set of frequently asked questions (FAQs) in relation to the MySuper product heatmap due to be released in December. 

The FAQs confirm that the heatmap will “show the outcomes being delivered to MySuper members in the areas of investment performance and fees and costs” and “provide indicators of trends in a trustee’s operations relevant to the sustainable delivery of member outcomes”. 

Importantly, the FAQs make it clear that the data used by APRA to derive the heatmap will be ‘locked down’ on 29 October. Any updated data reported to APRA after 29 October will not be included in the December 2021 version of the heatmap. Rather, it will be reflected in the following version which is planned for release in December 2022. 

 

APRA Superannuation Data Transformation: FAQs and change log 

As reported in ASFA Action issue 826, APRA recently granted an extension until 28 October for lodgment of a number of data reporting forms under the Superannuation Data Transformation (SDT) project. 

APRA has now published additional frequently asked questions (FAQs) to provide further guidance to registrable superannuation entity (RSE) licensees on the reporting standards for Phase 1 of the SDT project. 

APRA has also: 

 

Breach reporting reforms: ASIC update 

As reported in recent issues of ASFA Action, new breach reporting obligations came into effect on 1 October for Australian Financial Services licensees — including superannuation trustees. The reforms were part of the Government’s response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (see ASFA Action issues 823, 817 and 788 for background). 

ASIC has provided ASFA with an update on its guidance in relation to the reforms, including in relation to the continued operation of the dual APRA-ASIC breach reporting framework. ASIC has noted that: 

ASIC advises that it will shortly update its website with further information for trustees on breach reporting. 

 

 

ASFA REGULATORY WATCHLIST

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

and other regulatory announcements relevant to superannuation.

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