With very few sitting days in July, there was little movement of superannuation related bills in Parliament, however there was still a flurry of activity by Regulators and Treasury which should keep superannuation trustees busy.

APRA finalised the long-awaited Operational Risk Management Prudential Standard (CPS 230) and released draft guidance (SPG 230), and also finalised SPG 530 Investment Governance guidance. Jointly, ASIC and APRA released findings into a review of trustee implementation of the Retirement Income Covenant and separately released draft Regulator Rules for the Financial Accountability Regime.

ASIC also commenced civil penalty proceedings against a superannuation trustee for alleged greenwashing activity.

Jessica Pomeroy- Senior Regulatory Consultant
QMV Legal

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