Superannuation Alert 23.8.18

Financial Services - 23 August 2018

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Welcome to Super Alert!

The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.

Find our round-up of the developments as at 23 August 2018 here.

Treasury - Consumer Right Data Bill 2018 released for public consultation

Source: Treasury Laws Amendment (Consumer Data Right) Bill 2018

On 15 August 2018, the Treasury released for public consultation an exposure draft for the Treasury Laws Amendment (Consumer Data Right) Bill 2018 (Bill).

The Bill seeks to implement a "Consumer Data Right" in line with the recommendations of the Review into Open Banking in Australia - Final Report. According to the exposure draft Explanatory Materials, a Consumer Data Right "will provide individuals and businesses with a right to efficiently and conveniently access specified data in relation to them held by businesses". The Bill proposes to amend the Competition and Consumer Act 2010, Privacy Act 1988 and Australian Information Commissioner Act 2010 to effect these changes.

The Government is currently seeking views on the Bill and accompanying explanatory materials. Submissions close on 7 September 2018.


APRA - Second APRA Deputy Chair nominated

Source: Media release: Strengthening APRA governance

On 16 August 2018, the Hon. Scott Morrison MP, announced his intention to ”nominate Mr John Lonsdale for a five year term to fill [the APRA] second Deputy Chair position. The appointment will be conditional upon the Governor-General's approval".

According to the Treasurer, Mr Lonsdale "will bring to APRA a deep knowledge of the financial system and policy expertise acquired in his over 30 years at Treasury".


Royal Commission - Closing submissions for round 5 superannuation hearings

Source: 17 August 2018 - Final Transcript for Day 49

On 17 August 2018, the Hon. Commissioner Kenneth Hayne announced that Counsel Assisting the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Commission) will publish written submissions summarising the case studies covered in the round 5 superannuation hearings.

These submissions will be available on the Commission's website by 5pm on 24 August 2018. According to Commissioner Hayne, these submissions will "include the identification of what Counsel Assisting see as issues or questions of principle that arise". The parties noted in the submissions will have until the following week (5pm on 31 August 2018) "to file written submissions not exceeding 20 pages in relation to each case study".

The Commission has previously announced that its interim report (due by 30 September 2018) will not cover its recent round 5 superannuation hearings.


ATO - ATO in discussions on improving SG non-payment

Source: Joining forces with funds to reduce SG non-payment

On 17 August 2018, the ATO announced that it is currently in discussions "with large super funds to prevent, and improve the detection of, super guarantee (SG) non-payment".

According to outgoing Assistant Commissioner Debbie Rawlings, the ATO has "taken action to focus on and better target intervention and responsiveness to non-payment. [The ATO is] focused on trying to make it easier for employers to understand the SG system, their responsibilities and meeting their obligations".

These measures are part of an ongoing effort by the ATO to reduce the prevalence of SG non-payments.


ASIC - Business metric data required for ASIC industry funding arrangements

Source: Media release: Time to act for all ASIC-regulated organisations required to submit information for industry funding

On 22 August 2018, ASIC issued a media release reminding ASIC-regulated entities that they may be required to submit information to ASIC before 27 September 2018 in relation to ASIC's new industry funding arrangements.


Further information

All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.