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Issue 802, 4 May 2021 
In this issue: 

 

Remuneration requirements for APRA-regulated entities: Draft Prudential Practice Guide CPG 511

APRA has released for consultation a draft prudential practice guide on remuneration, which sets out principles and better practice examples to assist entities in meeting the requirements proposed in the new prudential standard, CPS 511 Remuneration (see ASFA Action issue 783 for background).

The draft prudential practice guide CPG 511 Remuneration (CPG 511) will assist entities in complying with CPS 511 Remuneration by:
 

The final versions of CPG 511 and CPS 511 Remuneration are expected to be published in the second half of 2021.

If you have any feedback you would like ASFA to consider in relation to APRA’s consultation on CPG 511, please forward it to Maggie Kaczmarska by close of business Friday 9 July. 

 

Greater transparency of proxy advice: Treasury consultation

Treasury is consulting on the adequacy of the current regulatory regime for proxy advice and developing reform options that would strengthen the transparency and accountability of proxy advice.

In particular Treasury is seeking feedback from stakeholders on options that aim to:
 

Submissions are due by 1 June 2021.
 

Senate Economics Committee report: Treasury Laws Amendment (Your Future, Your Super) Bill 2021

The Senate Economics Committee report into the Treasury Laws Amendment (Your Future, Your Super) Bill 2021 was released on 29 April 2021 (see ASFA Action 794 for further background). The Your Future, Your Super reforms contain measures to address underperformance of superannuation products, introduce ‘stapling’ of members to superannuation funds and impose a ‘best financial interests’ duty on trustees.
 

The report contains a recommendation from the committee for the bill to be passed but also contains a dissenting report from Labor senators. 

 

 

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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