Issue 738, 18 February 2020
In this issue:
- APRA superannuation data transformation project: extension of dates for pilot data and submission
- Royal Commission implementation: superannuation regulator roles
- Unlawful underpayment of employees’ remuneration: Senate Committee inquiry
APRA superannuation data transformation project: extension of dates for pilot data and submission
APRA has further extended deadlines in relation to the second tranche of topic papers for phase 1 of its Superannuation Data Transformation Project.
As reported in ASFA Action issue 736, APRA extended the due date for submissions in response to topic paper 2: Performance and 3: Member Accounts, and the pilot data for draft reporting standards related to those papers, until 28 February.
APRA has now advised that it has further extended the due date for submissions and pilot data until 26 March and the website has been updated to reflect this change.
APRA is also developing responses to frequently asked questions relating to the draft reporting standards, including worked examples to provide clarifications of interpretation. These will be shared on APRA’s consultation page and funds will be notified when these are available.
Royal Commission implementation: superannuation regulator roles
APRA and ASIC have jointly welcomed proposed legislative reforms increasing ASIC’s role in relation to superannuation.
As reported in ASFA Action issue 735, Treasury has released exposure draft legislation dealing with implementation of several recommendations made in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This includes draft legislation to support APRA and ASIC to carry out their roles as co-regulators in superannuation. The proposed reforms include expanding ASIC’s role as conduct regulator while retaining APRA’s role as the prudential and member-outcomes regulator in superannuation.
APRA and ASIC have issued a joint letter to superannuation trustees about how regulatory oversight will operate assuming the reforms become law. The letter explains how the regulators will work together to more effectively promote better outcomes for members, acknowledging that in doing so consideration needs to be given to reducing regulatory burden. It addresses the following issues:
- the purpose of the reforms
- details of the specific reforms proposed to strengthen ASIC’s role as conduct regulator in superannuation
- what superannuation trustees need to do if the proposed reforms are implemented
- how the reforms will impact the way that ASIC and APRA operate.
Unlawful underpayment of employees’ remuneration: Senate Committee inquiry
As reported in ASFA Action issue 727, the Senate Economics References Committee is examining the causes, extent and effects of unlawful non-payment or underpayment of employees’ remuneration—including superannuation—by employers. The Committee is also considering measures that can be taken to address the issue.
The Committee was due to report to the Senate by the last sitting day in June 2020, however this has now been extended to 3 December. The Committee has extended the date for submissions to its inquiry from 14 February to 6 March.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
