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Issue 708, 16 May 2019 
In this issue: 


Complaints handling: ASIC consultation 

ASIC has released a consultation package on reforms to standards about how financial firms—including superannuation trustees—handle consumer complaints. The proposed standards are intended to improve the way that consumer complaints are dealt with across the financial system and make firms’ complaints handling performance transparent. 

The proposed reforms follow on from the Ramsay Review of the financial services dispute resolution framework and the commencement of the Australian Financial Complaints Authority (AFCA) as the external dispute resolution body for financial services, including APRA-regulated superannuation funds. 

The consultation covers: 

Some key elements of the new standards that ASIC is seeking feedback on include: 

If you have any feedback that you would like ASFA to consider including in its response to ASIC, please forward it to Julia Stannard by close of business Friday, 12 July. 

ASIC will commence a separate consultation on the publication of IDR data in early 2020. 



Protecting your super: APRA and ATO guidance and expectations 

APRA and the ATO have each released material providing guidance and outlining their expectations on trustees in relation to the Protecting Your Super (PYS) reforms. 

APRA has written to all registrable superannuation entity (RSE) licensees to highlight a number of issues in relation to implementation of PYS. The letter states that APRA: 

APRA has encouraged RSE licensees to take note of ASIC’s 2 April letter to industry and its expectations that communication with members about the reforms will be balanced, factual and consumer focused (see ASFA Action issue 704), and published by the ATO. 

The letter also indicates that APRA: 

APRA has also published some Frequently Asked Questions to provide general guidance on the PYS reforms and has established a dedicated email address,, to which any specific implementation questions can be directed. RSE licensees are also encouraged to raise any issues with their APRA Supervisor. 

The ATO recently wrote to trustees to provide an update on the PYS measure requiring inactive low-balance accounts to be transferred to the ATO for consolidation. The ATO has now published CRT 030/2019, highlighting the publication on its website of the following materials: 

The ATO has also advised that until changes can be introduced in a new version of the SuperStream rollover message, the interim reporting solution for the low balance inactive accounts measure will be for funds to use the existing code P ‘Insoluble lost member account ’ in the current USM message/statement to report ‘inactive low balance accounts’. 



Approved audit report form for superannuation funds 

APRA has updated the approved audit report form for superannuation funds for reporting periods ending on or after 30 June 2019. 

According to APRA, the form has been updated to: 




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

and other regulatory announcements relevant to superannuation.

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