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Issue 801, 28 April 2021 
In this issue: 

 

Your Future, Your Super: consultation on draft regulations

Treasury this morning released a draft of regulations to support the Government’s Your Future, Your Super (YFYS) reforms, announced in the October 2020 Budget.

As announced, that package contains measures to address underperformance of superannuation products, ‘stapling’ of members to superannuation funds and imposes a ‘best financial interests’ duty on trustees.The Treasury Laws Amendment (Your Future, Your Super) Bill 2021 (YFYS Bill), introduced into Parliament in February to implement the reforms, also contains some amendments in relation to portfolio holdings disclosure that were not part of the Budget announcement (see ASFA Action issue 793 for background).

The YFYS Bill leaves much of the detail of the reforms to be set out in the Regulations.

The draft Regulations to be released this morning:
 

If you have any feedback you would like ASFA to consider in relation to the draft regulations, please forward it to Fiona Galbraith by close of business Friday 14 May.

 As indicated in ASFA Action issue 800, the Senate Standing Committee on Economics is due to report on the YFYS Bill tomorrow, 29 April. 

 

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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