QMV is proud to exhibit at ASFA 2023. Australia's flagship event for superannuation professionals and associated service providers. We can’t wait to see you all! Let’s take this opportunity to reconnect in person and share our stories. Together we can make 2023 the year for greater business growth and transformation across the superannuation and financial services sector.
Read MoreTo the relief of large APRA-regulated trustees, the long-awaited reforms to the NALE Rules were released by the ATO for consultation. APRA also reiterated their focus on prioritising member outcomes with enforcement action initiated against a superannuation trustee.
Read MoreIt has been over a year since the new Internal Dispute Resolution (IDR) came into force for Australian Financial Services and Credit licensees. This reform, in the form of Regulatory Guide 271 has changed the way in which complaints are required to be identified and managed. In this article, we summarise the main requirements and identify some key considerations for licensees to ensure preparedness for the IDR reporting regime.
Read MoreAs 2022 came to a close, key superannuation-related bills remained before Parliament, including the Financial Accountability Regime Bill. We also saw progress related to climate-related financial disclosure with Government seeking views on the design and implementation of standardised, internationally aligned requirement.
Read MoreA high-performance mentality that promotes collaboration and information exchange is fundamental to realising a fund’s key objectives like developing tailored strategies and products, better meeting member expectations and various uplifts across automations, data quality, emerging technologies and compliance.
Read MoreThe Financial Accountability Regime and Compensation Scheme of Last Resort Bills have stalled in the Senate, while the faith-based product exceptions to the MySuper annual performance assessment have also been rolled into the broader review of the Your Future, Your Super reforms.
Read MoreThe Commonwealth Budget was the second for 2022, and thankfully, the second quiet budget for superannuation trustees.
Read MoreLegislative and regulatory reform has had and will continue to have a significant impact on the superannuation industry. Fund Trustees are faced with the challenge of developing and implementing cost-effective solutions to meet their obligations, often within a condensed timeframe. Therefore, we have outlined six steps in this article that will provide you with the structure and help with successful implementation.
Read MoreThere has never been more reliance and importance on data to provide administration of consumer products effectively and efficiently. The Optus data breach is a significant and public example of data may be used for fraudulent purposes, however, there is an ongoing risk that must be mitigated to ensure that, regardless of scale or publicity, consumer interests are protected as much as possible.
Read MoreOn 27 September 2022 ASIC released Regulatory Guide 277 Consumer Remediation (RG 277) which is intended to supersede the existing guidance in Regulatory Guide 256 Client review and remediation conducted by advice licensees (RG 256). RG 277 is a significant expansion of ASIC’s remediation guidance and now applies to all Australian Financial Services (AFS) and Australian Credit licensees, including superannuation trustees.
It is important to note the guidance within RG 277 applies to all remediation activity from 27 September 2022; however licensees may still utilise RG 256 for any remediation programs already underway at this date.
Read MoreThe risks of greenwashing are becoming increasingly prevalent and appropriate management of these risks requires input, commitment and training across all areas of a trustee’s operations.
An understanding of how sustainability and responsible investing has been incorporated into the trustee’s investment decision making is a basic requirement for all staff to ensure any representation made is clear and accurate. Penalties for non-compliance are considerable and even a sniff of greenwashing brings about significant media scrutiny and associated costs to the trustee, both financial and reputational.
Read MoreThe quality of data is imperative to strategic decision making, agility, productivity, and survival and qrganisations are beginning to realise that the consequences and risks of making incorrect decisions is now far greater and getting to the point where data is accurate and reliable to derive a "correct” single view of the customer will take commitment, effort, and investment from the financial institutions.
Read MoreAugust was a month filled with updates from the regulators and treasury, which included: The Quality of Advice Review Proposals Paper; APRA Climate Risk Survey Results; ASIC announcement regarding breach (reportable situation) reporting; and much more.
Read MoreAfter a few quieter months post-election, July brought about the resumption of Parliament and the introduction of our first superannuation-related bill for the year. Treasury has been busy with the announcement of a review into the YFYS reforms, consultation on faith-based superannuation product performance tests and Annual Member Meeting changes.
Read MoreCPS 230 – Operational Risk Management . APRA’s strategic initiative to modernise the prudential architecture. APRA has identified specific questions for feedback that will assist it in finalising the requirements. The standard will commence from 1 January 2024. APRA intends to finalise the standard and release draft guidance for consultation in early 2023, and finalise the guidance in the first half of 2023.
Read MoreThe Superannuation Industry (Supervision) Amendment (Your Future, Your Super— Improving Accountability and Member Outcomes) Regulations 2021 prescribe information that must be given to superannuation fund members either directly or referenced within an annual member meeting notice.
Read MoreSuperannuation trustees are increasingly focused on providing members with tools, information, and advice that are intended to assist members in making decisions and planning for their retirement. Online calculators and retirement estimates play an important role in enabling members to access clearer information about how decisions and scenarios earlier in life will affect their retirement income outcomes.
Read MoreWith the start of the new financial year, we see a myriad of superannuation-related changes come into effect as of 1 July 2022. To finish the 2022 financial year, ASIC issued a new legislative instrument covering superannuation calculators and retirement estimates and information sheet on greenwashing, while APRA confirmed it will be releasing a refreshed investment governance prudential standard.
Read MoreQMV Group is delighted and proud to share that QMV Legal Managing Partner, Jonathan Steffanoni has been named as a finalist for the Partner of the Year Awards 2022
Read MoreTwo weeks ago I spent a day in a shed with people from ART (Australian Retirement Trust was formed by the merger of QSuper and Sunsuper), on a campaign for supporting the local members of the fund. ART visit the island to provide personal information to the local members about their superannuation entitlements and answering their questions about all things retirement.
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