The superannuation overhaul: seven areas of reform in the draft bill out for consultation

The superannuation overhaul: seven areas of reform in the draft bill out for consultation

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Today we look at proposed changes to regulatory obligations for those operating in the superannuation sector. Namely, the seven key changes contained in the draft Treasury Legislation Amendment (Improving Accountability and Member Outcomes in Superannuation) Bill 2017 (the draft bill). By Dr. Drew Donnelly, Compliance Quarter Useful terminology The reforms proposed in the draft bill are generally concerned with ‘Registrable Superannuation Entities’ (RSEs). Under section 10 of the Superannuation Industry (Supervision) Act 1993 (the SIS Act), an RSE is either a regulated superannuation fund, an approved deposit fund or a pooled superannuation trust. It does not include a self-managed superannuation fund. In particular, the focus is on the obligations of ‘RSE licensees’ (those who have been given a licence to operate an RSE), as well as ‘trustees’ of a fund…
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An open banking regime for Australia: July fintech update

An open banking regime for Australia: July fintech update

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  On July 20, the Government announced that an independent review has been set up to consider the best process for implementing an open banking data regime in Australia. Open banking requires banks to share product and customer data with customers and, with their consent, third parties. By Dr. Drew Donnelly, Compliance Quarter An open banking regulatory regime is a key part of the Government’s financial technology (fintech) commitments, and something that we have written about before. So far, the Government has established a review panel and released a terms of reference. An issues paper for public comment will be released in due course, but in the meantime, it would be useful to think about the key areas signposted in the terms of reference, in light of the Productivity Commission’s Inquiry…
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