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  • Superannuation Industry Stewardship Group key messages 9 July 2019

    Welcome and introduction

    David Knox (Senior Partner, Mercer) opened the meeting with an acknowledgment of country, welcomed members, noted apologies and passed on James O’Halloran’s apologies.

    Member update Protecting Your Super (PYS) – the Link Group

    Graham Sammells (Link Group) led a discussion about the Link Group’s experience of the Protecting Your Super measure on the Link Group organisation and their clients.

    Outcome: Members were informed about priorities of other parts of the industry.

    Next steps: Member updates will continue at future meetings.

    Protecting Your Super

    David Knox (Senior Partner, Mercer) led a discussion about lessons from the PYS announcements, policy and legislative process including implementation timeframes, support tools and communication.

    Members discussed the impacts that they had experience and sought clarification where required.

    Outcome: Members had an opportunity to provide their perspectives and gain an understanding of other member’s perspectives.

    Next steps: Regulators will continue to work closely with industry to understand their concerns.

    Superannuation industry overview

    The group reviewed the activities occurring across the superannuation industry into the future by way of reference to the Superannuation Strategic Map. This standing item outlines the key government agency programs of work, regulatory and agency reforms across the next 18 months.

    Topics discussed included:

    • Un-enacted measures and proposed legislation, including Superannuation Guarantee Amnesty. Treasury noted the scope of work is before the new minister.
    • Outcomes from the Royal Commission report and Productivity Commission report, including Comprehensive Income Products for Retirement (CIPRS) and protecting (fund) members interests.
    • Retirement Income Streams Review.
    • APRA’s new directions making powers, ongoing consultation on PYS implementation, Prudential Standard CPS 234 Information Security standards, proposed business performance review standards, the total and permanent disability claims handling process and Regulatory Guide RG 97.
    • Financial Adviser Remediation (fees for no service) consultation.

    Outcome: Members were informed on the progress and discussed specific events of interest.

    Next steps: The strategic map will continue to be updated and time set aside at future meetings to discuss.

    Financial Adviser Standards and Ethics Authority Ltd (FASEA)

    Stephen Glenfield shared the objectives of FASEA along with the activities being undertaken in 2019 and how these are impacting the superannuation industry.

    The presentation discussed the timelines for the implementation of the Professional Standards of Financial Advisers. These included:

    • minimum qualifications
    • an exam
    • continuing professional development
    • work based training for new advisers
    • code of ethics compliance.

    Outcome: Members were given an improved understanding of the future direction of FASEA.

    Next steps: Members to be kept informed of the changes that impact the superannuation industry.

    Member update

    Jane Macnamara from the Financial Services Council (FSC) led a discussion about modernising products over time and the impact on customers with older products.

    Michelle Levy, for the Law Council of Australia, discussed their structure and focus points for Treasury submissions, which is on law clarification.

    Outcome: Members were informed about priorities of other parts of the industry.

    Next steps: Member updates will continue at future meetings.

    ATO update

    Graham Whyte (Assistant Commissioner, Australian Taxation Office) updated the group on:

    • ATO online visibility and it usage by tax agents
    • Single Touch Payroll implementation
    • Protecting Your Super amendments included in final legislation package
    • SMSF issues including
      • improved visibility of disqualified trustees
      • Approved Auditor actions
      • improving the Approved Auditor experience
      • Annual Return lodgements
       
    • superannuation guarantee enforcement tools
    • First Home Super Saver scheme

    Outcome: Members were informed on the progress of ATO activities.

    Next steps: Members to be kept informed of the changes that impact the superannuation industry.

    Wrap up and close

    David Knox (Senior Partner, Mercer) thanked the members for their input.

    Attendees

    Attendees are listed below.

    Organisation

    Members

    ATO

    Brendan O’Shea (Secretariat), Enterprise Strategy and Design

    ATO

    Dawn Martin (Secretariat), Superannuation and Employer Obligations

    ATO

    Graham Whyte, Superannuation and Employer Obligations

    Association of Financial Advisers (AFA)

    Phil Anderson

    Association of Superannuation Funds of Australia (ASFA)

    Fiona Galbraith

    Australian Institute of Superannuation Trustees (AIST)

    Ailsa Goodwin

    Australian Prudential Regulation Authority (APRA)

    Eve Brown

    Australian Securities and Investments Commission (ASIC)

    Jane Eccleston

    Australian Securities and Investments Commission (ASIC)

    Melissa Birks

    Chartered Accountants Australia and New Zealand (CAANZ)

    Tony Negline

    Financial Adviser Standards and Ethics (FASEA)

    Stephen Glenfield

    Financial Services Council (FSC)

    Jane Macnamara

    Industry Super Australia

    Michael Fisher

    Law Council of Australia

    Michelle Levy

    Link Group

    Graham Sammells

    Mercer

    David Knox (Co-chair)

    SMSF Association

    John Maroney

    The Tax Institute

    Phil Broderick

    Treasury

    Alexander Maevsky

    Treasury

    Michelle Dowdell

    Treasury

    Robert Jeremenko

    Apologies

    Apologies are listed below.

    Organisation

    Members

    ATO

    James O’Halloran (Co-chair), Superannuation and Employer Obligations

    Association of Financial Advisers (AFA)

    Philip Kewin

    Association of Superannuation Funds Australia (ASFA)

    Glen McCrea

    Australian Institute of Superannuation Trustees (AIST)

    Eva Sheerlinck

    Australian Prudential Regulation Authority (APRA)

    Heidi Richards

    Australian Prudential Regulation Authority (APRA)

    Helen Rowell

    Australian Securities and Investments Commission (ASIC)

    Alex Purvis

      Last modified: 03 Sep 2019QC 60048