qmv superbrief issue #23 of 2015
TRANSCRIPT
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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