On Apr. 11, AST FSC issued article re financial services developments.
AST FSC issued article FSC policy update - issue 78, which outlines legislative and reg developments i.e. in super, investments, financial advice, tax, tech, innovation sectors.
Follows AST FSC Feb. 2024 updated on legal, regulatory developments, see #201031.
Superannuation
AST FSC discussed its submission to AST APRA’s consultation package with respect to strategic planning as well as member outcomes, further described in #185527.
It explained that AST APRA expects to release the final versions of SPS 515, SPG 515, as well as SPG 516 by Jul. 1, 2025 for a commencement date of Jan. 1, 2026.
Compensation Scheme of Last Resort
It also reminded that Compensation Scheme of Last Resort (CSLR) is funded by AST GVT until Jun. 30, 2024, after which it will be funded by industry levies, see #178269.
Said claims for compensation made prior to CSLR legislation being introduced will be funded by a one-off levy on 10 largest eligible financial firms by total income 2021-22.
Financial Advice
It discussed Treasury laws amendment (delivering better financial outcomes and other measures) bill 2024 re tranche 1 of Delivering better financial outcomes package, #206334; said AST GVT is targeting introduction of tranche 2 legislation by Jul. 2024.
Which includes reforms to abolish the safe harbor steps; outcomes-based best interest duty; introduce a principles-based advice record; introduce a new class of advisers.
Financial Adviser Dataset (FAD) is available online; it has been updated to include financial adviser registration data; FAD is refreshed on a weekly basis, every Thursday.
Said temporary dataset that was available at this AST ASIC page has been removed.
Technology and Innovation
AST FSC discussed its submission to 2023-2030 Australian cyber security strategy: cyber security legislative reforms consultation paper, described further in #195615.
Submission supported various aspects, however it also raised a number of concerns.
Including regarding regulatory burden, and regarding Cyber Incident Review Board.
Legal, Tax and Cross-Portfolio
The revised Design and distribution obligations due diligence questionnaire is available.
AST FSC discussed consult on exposure draft legislation to implement public Country-by-country reporting disclosure regime, which concluded on Mar. 5, 2024, #200964.
AST FSC submission to this consult made a number of recommendations to AST GVT.
