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.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
