QMV has released their regulatory update for 2018 and strongly recommends that superannuation trustees review all upcoming legislation.
QMV update said that there was a lot of rules and regulations on the table for the super industry and trustees needed to stay on top of it.
“The strong focus on regulation in financial services has continued as the royal commission progressed through the final round of case studies and issued an interim report,” it said.
In regards to the royal commission, QMV noted that the interim report did not include findings from the superannuation or insurance round but the seventh round would approach those topics.
“QMV recommends that RSE licensees consider the potential impact of the policy questions raised by counsel assisting and engage either directly or via industry associations to respond to the consultation via submission,” it said.
The update also recommended that superannuation trustees review the draft amendments to the treasury laws which would give ASIC more enforceable power.
“The impact of potential increases in penalties may be relevant in assessing the severity of financial and reputational risks of misconduct as part of trustee’s risk framework,” it said.
There are two other amendments to the Treasury laws that have been introduced to parliament, one would impose design and distribution obligations for financial products and the other would provide consumers with control over their data.
“QMV recommends that superannuation trustees monitor progress of the bills and consider the potential impact of any issued financial products and distribution are appropriate for the target market,” it said.
QMV also warned of ASIC report into insurance cover in the superannuation system and breach reporting, and the APRA guide on cloud computing and recommended that trustees assess these findings.
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