21-29 of 29 results
APRA discussion papers: financial resources for risk events and superannuation transfer planning
We provide an overview of the proposals and key implications for RSE licensees relating to APRA's discussion papers on financial resources for risk events and superannuation transfer planning ...
Our pre-election wrap of super regulatory reforms for 2022
Coming off a busy 18 months or so – with the number of reforms too long to count on all fingers and toes – superannuation trustees could be forgiven for wanting to take an extended holiday from regulatory change. But with Parliament prorogued ahead of the election, now is a chance for trustees to take stock of the regulatory reforms slated for 2022. In this Insight, we provide a snapshot of the key reforms. ...
Retirement income covenants (and egg metaphors)
The long-promised retirement income covenants are slated to come into effect on 1 July 2022. The proposed covenants are aimed at improving retirement outcomes, including by moving retirees away from a 'nest egg' mentality towards spending more in retirement – or 'hatching' the nest egg (to borrow the extended metaphor of APRA's Deputy Chair). ...
APRA guidance on managing climate change financial risks finalised for banks, insurers and superannuation trustees
Delivering as promised before the end of 2021, APRA recently finalised its prudential practice guide CPG 229 Climate Change Financial Risks. ...
Consultation period has closed for draft FAR Bill
On 13 August 2021, consultation closed on the various documents issued by Treasury in relation to the much anticipated Financial Accountability Regime (FAR). ...
Proposed changes to Credit Risk Management Prudential Standard (APS220)
In the absence of the Responsible Lending Obligations, lending by Australian banks will be regulated by APRA. This means the new Credit Risk Management Prudential Standard (APS220) will be the central legislative guidance in designing consumer assessment and lending protocols. ...
Coming clean and staying clean: continuous disclosure obligations in the age of the data breach
Recent data, coupled with the Privacy Act 1988 notifiable data breaches scheme, APRA Prudential Standard CPS 234, the Security of Critical Infrastructure Act and the GDPR, confirm that when it comes to serious cyber security breaches, listed entities should be complying with existing continuous disclosure requirements. ...
Retail banking and responsible lending during COVID-19
The sudden and unknown nature of COVID-19 has triggered a global economic shock, and disrupted Australia's economy. As we enter a national state of economic 'hibernation', banks and lenders are grappling with a sudden influx of relief requests from consumer and business customers. ...
Joint ASIC and APRA letter to superannuation trustees, on the impact of COVID-19
ASIC and APRA have written to all RSE licensees, reminding trustees of their continuing obligations, in light of COVID-19. ...