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Issue 764, 14 July 2020 
In this issue: 


COVID-19 Coronavirus: early release of super – APRA data 

APRA has made its eleventh weekly publication of industry-level data from its early release initiative data collection. 

The data covers applications made from inception of the early release initiative on 20 April through to 5 July. This week’s report therefore crosses over the end of ‘phase 1’ of applications, for the 2019-20 financial year, and the beginning of phase 2, which runs from 1 July to 24 September 2020. 

APRA has noted that: 

The data shows that, from 20 April to 5 July: 

Out of the 511,000 applications received during the reporting week 29 June – 5 July, 165,000 were for members making initial applications and 346,000 were for members making repeat applications. 

APRA has also published the tenth tranche of fund-level statistics from its early release data collection, revealing the number and value of the payments processed by each fund, as well as the time taken to make payments. 



COVID-19 Coronavirus: updated ASIC FAQ re insurance impacts 

ASIC has updated its frequently asked questions (FAQs) about current superannuation regulatory issues that have arisen from the COVID-19 pandemic. 

FAQ 1C, which addresses ASIC’s expectations of trustees in communicating to their members about the impact of COVID-19 on their insurance inside superannuation, was updated on 10 July. 

The updated response is as follows: 

As outlined in ASIC and APRA’s joint letter, trustees should understand how members’ insurance may be affected by COVID-19 and ASIC expects trustees to communicate these impacts to their members. 

In addition to direct communication with members who have a zero or low account balance (see FAQ 1B above), trustees should include content within existing COVID-19 information on the fund’s website, as well as by providing direct links to resources where members can access more detailed and specifically relevant information. 

For example, trustees should communicate: 

In relation to cessation of insurance, ASIC notes that it is incorrect to simply state that an account with a balance that falls below $6,000, including due to early release, may or will lose insurance because of the Putting Members’ Interests First (PMIF) and Protecting Your Super Package (PYSP) measures. 

If a member’s account balance falls below $6,000, the PMIF and PYSP measures do not: 

For more guidance on the operation of the measures see: APRA’s FAQs on Putting Members’ Interests First (PMIF) and Protecting Your Super Package (PYSP). 




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

and other regulatory announcements relevant to superannuation.

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