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SuperBrief Independent & Concise

Issue #23 of 2015: Friday, 12th June

SUPERSTREAM

The Australian Tax Office (ATO)

and the Australian Prudential

Regulation Authority (APRA)

have issued a joint letter

clarifying the expectations for

RSE licensees and employers in

relation to the implementation

of the employer contributions

portion of the SuperStream

standards. The letter reiterates

that all parties need to be

compliant and ready on 1 July

2015 for sending and receiving

employer contributions, and

while recognising some

teething issues may arise,

stresses the importance of a

collaborative approach to

ensure a smooth transition.

The letter also confirms that

response messaging (CTER and

MROR) has been pushed out to

14 September 2015, with

breach reporting relating to this

consequently not being

required until after the

implementation date.

Source: APRA

DISCLOSURE

The Australian Securities &

Investments Commission (ASIC)

has made a legislative

instrument amending the

exemption period in Class Order

CO 14/541 for the disclosure

requirements in subsection

29QC(1) of the Superannuation

Industry (Supervision) Act 1993

(SIS Act). The original Class

Order had moved the

compliance date for RSE

licensees from 1 July 2014 to 1

July 2015. ASIC considers more

time is required to consult with

the industry, and the new

amendment, therefore pushes

the compliance date out to 1

January 2016.

Source: ComLaw

PRUDENTIAL PRACTICE

The Australian Prudential

Regulation Authority (APRA) has

released the response package

for Superannuation Prudential

Practice Guide SPG223 Fraud

Risk Management. The guide

covers the expectations of an

RSE licensee in the treatment of

fraud risk within their overall risk

management framework, and

outlines sound practices for

managing fraud risk within

business operations.

Source: APRA

REGULATION

A submission by the Australian

Prudential Regulation Authority

(APRA) to Treasury has called

for greater transparency

around the funding of financial

services regulators. It says that

superannuation funds are

paying millions of dollars every

year in levies to fund the

regulatory process, but only

very high-level information is

provided on how and where

the levies are allocated and

utilised.

Source: Money Management

INSURANCE

A recent Super Review

roundtable of superannuation

fund chief executives has

highlighted concerns with Total

and Permanent Disability (TPD)

offerings from superannuation

funds. The discussion noted that

the changes to Workers

Compensation has meant

many funds have had to

seriously reconsider their TPD

offerings as it becomes a risk

area, with the possibility of TPD

cover being dropped

altogether.

Source: SuperReview

INVESTMENTS

Mercer have released a new

report Investing in a time of

climate change, that outlines

the climate change risk to

investment portfolios over the

next 35 years, highlighting the

urgent need for frameworks to

deal with the potential

changes. It outlines several

scenarios based on the most

recent scientific and economic

data, and discusses both the

negative impacts and possible

opportunities for investors.

Source: Investor Daily