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Issue 711, 17 June 2019 
In this issue: 

 

Oversight of fee deductions from super accounts: APRA and ASIC expectations 

APRA and ASIC jointly wrote to all registrable superannuation entity (RSE) licensees to reinforce the importance of trustees undertaking appropriate oversight of fees and other charges being deducted from members’ superannuation accounts for payment to third parties such as financial advisers on 10 April 2019 (see ASFA Action issue 706 for further information). 

ASIC and APRA have provided the following clarifications in relation to the joint letter, categorised by the headings in the joint letter: 

Are the deductions explicitly authorised by members? Are the deductions consistent with the authorisations and disclosures made to members? 

 

Have services been provided? 

 

Is the deduction consistent with the sole purpose test? 

 

Is the deduction in the best interests of members? 

If you have any questions about the ASIC and APRA joint letter please contact Maggie Kaczmarska, Senior Policy Adviser, on 02 8079 0849. 

 

 

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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