Superannuation Alert 22.04.16
Financial Services eBulletin - 22 April 2016
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 18 April 2016, the ATO and APRA wrote to all RSE licensees to inform them of their obligations with regard to upcoming changes to the Superannuation Data and Payment Standards 2012 (SuperStream Standard) and supporting services. Key dates and changes include:
- "Updates to existing industry rollover interactions by no later than 11 November 2016.
- New interactions to support receiving government rollovers (Unclaimed Superannuation Monies) by no later than 16 December 2016.
- New interactions to support receiving s. 20C notices, Superannuation (Unclaimed Money and Lost Members) Act 1999, from the ATO and sending government rollovers (Unclaimed Superannuation Monies) to the ATO in November 2017."
- On 20 April 2016, the Treasurer Scott Morrison and Assistant Treasurer Kelly O'Dwyer issued a joint media release to announce "a $127.2 million reform package to better protect Australian consumers by strengthening the Australian Securities and Investments Commission". This package is in part a response by the Government to a report entitled "Fit for the future: A capability review of the Australian Securities and Investments Commission - A Report to Government (December 2015)". It has been indicated that the additional funding will be applied to various activities, including $57 million toward surveillance and ongoing enforcement in financial advice, responsible lending, life insurance and breach reporting and $5.2 million in additional funding for the Superannuation Complaints Tribunal. An industry funding model will be implemented in the second half of 2017. ASIC responded to this announcement by way of a media release. ASIC has welcomed the incentives proposed by the Government and the announcement of additional funding and reforms.
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