In this edition:
Government and regulator interaction
The ASFA Secretariat met with the Treasurer’s Office, Minister Hume, and Daniel Mulino MP to discuss research that was recently undertaken by ASFA into attitudes of individuals towards compulsory superannuation and increasing the rate of the Superannuation Guarantee.
The ASFA Secretariat also met with ASIC (Australian Securities and Investments Commission) and APRA (Australian Prudential Regulation Authority) to discuss the current regulatory focus. During this meeting APRA spoke about the Superannuation Data Transformation (SDT) project, specifically that they had commenced consultation on phase 2 and that they had published a discussion paper including a five-year roadmap for transforming APRA’s approach to collecting financial industry data from its regulated entities. ASIC has released the final mandatory requirements for its internal dispute resolution (IDR) data reporting framework, following the commencement of Regulatory Guide RG 271 Internal dispute resolution on 5 October last year. ASIC has also extended the existing relief for superannuation trustees to provide member retirement estimates on a periodic statement to 31 December.
Research and submissions
A submission was made to APRA in response to the ‘Strengthening Financial Resilience in Superannuation’ discussion paper. The submission recommended that industry feedback can be provided using a form other than through APRA Connect using a mandatory data reporting form. The submission also called for SPG 114 to be amended to remove the reference to RSE (Registrable Superannuation Entity) licensees having an ORFR (Operational Risk Financial Requirement) target amount equivalent to at least 0.25 per cent of funds under management. Instead, the submission suggests that trustees should determine the appropriate ORFR target amount having regard to the circumstances of the fund.
It has been a busy month for the ASFA team with multiple mentions across many publications and radio.
ASFA was also featured in several articles that addressed the retirement saving gap that exists for women, including articles in Money Magazine, The West Australian, Financial Standard, Independent Financial Advisor, Nest Egg and the AFR.
ASFA’s response to the Federal Budget was featured in Super Review and Investor Strategy News. There was also a reference made to the ASFA proposed Super Baby Bonus post Budget in the Daily Telegraph.
An article in Super Review referenced ASFA in relation to the very large account balances that exist in some Self-Managed Super Funds
Events and Learning
The ASFA Events and Learning team have several sessions lined up over the next few weeks to make sure you are across current key issues affecting superannuation.