Financial Services eBulletin - 17 July 2013

APRA has released the following 8 final Prudential Practice Guides (PPGs) as well as a Response to Submissions on the draft practice guides:

  • On 4 July 2013 ASIC published a media release in relation to the Stronger Super reforms, stating 'ASIC will take a facilitative compliance approach for Stronger Super for the first 12 months… ASIC will adopt a measured approach where inadvertent breaches arise or systems changes are under way, provided industry is making reasonable efforts to comply. However, where ASIC finds deliberate and systemic breaches we will take stronger regulatory action'.
  • On 8 July 2013 the Coalition released a media release and their Policy to Boost Productivity and Reduce Regulation. Amongst other things, the Policy includes an intention to reduce the 'heavy burden of regulation', proposes a 'moratorium on significant new regulation for the financial sector' while a review of the sector is completed and proposes to allow 'small businesses to remit compulsory superannuation payments made on behalf of workers directly to the Australian Taxation Office'.
  • On 10 July 2013 the Treasurer published a joint media release with the Minister for Small Business and the Minister for Human Services noting that the Federal Government's Small Business Superannuation Clearing House 'has now distributed more than $1 billion in superannuation payments on behalf of small business owners across the country'.
  • AUSTRAC has released its privacy policy 'to provide information about the personal information AUSTRAC collects, how that information will be handled, and how you can access your personal information or make a complaint about AUSTRAC's handling of the information'.