The Financial Accountability Regime legislation has finally passed both Houses of Parliament, but there are still several superannuation related bills before the Senate. APRA also released the final CPS 511 Remuneration Prudential Standard.

The 2023 Performance Test results were released, with trustee directed products included for the first time. Accompanying Regulations to improve the test were finalised, alongside a Determination on combining product histories.

Trustees may soon have clarity regarding the legality of appointing a new trustee for mergers or successor fund transfers (albeit only in NSW), whilst several other cases and enforcement activities were undertaken in the courts across the country. 

Jonathan Steffanoni - Managing Partner
QMV Legal

ABOUT QMV

QMV provides independent advisory, consulting, legal services and technology to superannuation, wealth management, banking and insurance organisations. 

Like what you see? Please subscribe to receive original QMV content! 

You may also benefit from our free monthly pensions and superannuation regulatory updates.