One-stop shop for super funds
Calls for a single ‘one-stop shop’ online breach reporting system for dual regulated institutions, has received strong endorsement within the industry as another step towards reducing red tape for superannuation funds.
Released jointly by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), the discussion paper entitled Streamlining Breach Reporting proposes eliminating the requirement for jointly regulated institutions to provide breach reports to both regulators for the same incident.
Deloitte superannuation assurance and advisory partner Tony Brian congratulated the regulators for the proposal and said it was another step towards making breach reporting more efficient and effective.
“It’s a win-win situation for both superannuation funds and regulatory authorities. The proposal of a ‘one stop shop’ would improve, streamline, and reduce the cost of the reporting of breaches and would be eagerly received by superannuation funds,” Brian said.
“From the regulators’ perspective, the streamlining of these services will stop duplication and allow authorities to monitor breaches more effectively.”
The proposed changes will also be made available to other APRA-regulated entities, including authorised deposit-taking institutions (ADIs), general insurers and life insurers.
The proposal comes shortly after the enactment of the Financial Sector Legislation Amendment (Simplifying Regulation and Reform) Act 2007, which introduced consistent definitions for reportable breaches across all ASIC and APRA-regulated industries.
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