In this edition:
Government and Regulator Interaction
Over the month of December, the ASFA Secretariat met with senior executives from Treasury who provided a legislative and policy update on a range of topics including Financial Advice and the Performance Test review.
ASFA received correspondence from ASIC’s Jane Eccleston confirming that ASIC is not going to alter the terms of relief regarding the calculators.
Research and submissions
A submission was made to APRA on Draft CPG 190 Financial Contingency Planning and CPG 900 Resolution Planning. In the submission ASFA expressed support for the objective of ensuring the good governance of superannuation funds and continuously improving planning to ensure good outcomes for members. ASFA also highlighted in the submission that there is likely to be a lot of learning in this area over the next few years and that not all the implications of the Draft Guides will be evident.
A submission was made to Treasury on the Public Beneficial Ownership Register: Consultation Paper.
ASFA supports the general policy intent of the proposed beneficial ownership register to increase transparency and discourage the use of certain legal vehicles to obscure tax liabilities and avoid legislative requirements. ASFA has highlighted the need for the definitions of, and thresholds for, ownership should be consistent with other reporting regimes.
The ASFA Retirement Standard was featured in an article in The New Daily.
ASFA’s response to the release of Australian Securities & Investments Commission (ASIC’s) report on super trustee compliance with complaints handling requirements was featured in an article in The Australian.
ASFA’s response to the consultation on Your Future, Your Super consultation and potential impact on the performance test of investing with an ESG strategy was featured in an article in The Australian.
Events and Learning
The ASFA Events and Learning team will be delivering the following learning workshops in January and February 2023:
- RG 146 Superannuation virtual workshop: 16, 18, 20 Jan or 13, 15, 17 Feb
- RG 146 Superannuation Refresher virtual workshop: 30 Jan or 23 Feb
- Super insights from AUSTRAC webinar: 1 Feb
- Taking care of business in the face of a cyber attack virtual workshop: 2 Feb
- Super Essentials virtual workshop: 14 Feb
- ASFA Conference, Brisbane: 21-23 Feb
- Masterclass: Trustee resilience and holistic capital management: Feb 21
- Masterclass: Financial advice in super: 21 Feb
- Masterclass: Cyber and operational resilience – the new frontier in trust:
The ASFA Policy Team would like to wish you a Merry Christmas and a safe and happy holiday break. We look forward to working with you in 2023!