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Issue 832, 9 November 2021 
In this issue: 

 

Your Future, Your Super performance test: APRA FAQs 

APRA has published two new frequently asked questions (FAQs) in relation to the performance test introduced as part of the Government’s Your Future, Your Super (YFYS) reforms. 

The new ‘general’ FAQs 9 and 10 outline: 

 

Superannuation Data Transformation: APRA FAQs 

APRA has published four additional FAQs for registrable superannuation entity (RSE) licensees to provide further guidance on meeting the reporting standards for Phase 1 of the Superannuation Data Transformation project. 

The new FAQs relate to: 

APRA has also updated: 

 

Records of Advice: ASIC guidance and examples 

ASIC has released an information sheet on records of advice (ROA) and three ROA examples to provide clarity to financial advisers and advice licensees on their obligations when using ROAs to provide personal advice to retail clients.

INFO 266 FAQs: Records of Advice answers FAQs about ROAs, including questions about their usage, preparation and record keeping. The information sheet: 

The ROA examples, released alongside INFO 266, are annotated to help advisers understand the relevant requirements under the Corporations Act 2001. 

This guidance follows ASIC’s recent release of an example ROA that can be used when providing advice under the temporary relief ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268 until 15 April 2022. (See ASFA Action issue 814 in relation to the example ROA and issue 829 for the most recent update in relation to the temporary relief.) 

 

Climate change financial risk: APRA and RBA joint statement

APRA and the Reserve Bank of Australia (RBA) have issued a joint statement on the actions they are taking to ensure financial institutions and the Australian financial system are prepared to respond to the financial risks of climate change 

Some key points from the statement include: 

 

 

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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