Financial Services eBulletin - 17 July 2013
- Prudential Practice Guide SPG 114 Operational Risk Financial Requirement
- Prudential Practice Guide SPG 220 Risk Management
- Prudential Practice Guide SPG 231 Outsourcing
- Prudential Practice Guide SPG 232 Business Continuity Management
- Prudential Practice Guide SPG 250 Insurance in Superannuation
- Prudential Practice Guide SPG 510 Governance
- Prudential Practice Guide SPG 520 Fit and Proper
- Prudential Practice Guide SPG 521 Conflicts of Interest
- 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'.
The ATO has updated the following on its website:
- Super co-contribution calculator;
- Super co-contribution thresholds; and
- Completing the form Rollover initiation request to transfer whole balance of superannuation benefits to your self-managed super fund (NAT 74662). Completing the form Rollover initiation request to transfer whole balance of superannuation benefits to your self-managed super fund (NAT 74662).