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ARTICLE · 05 NOVEMBER 2020

Superannuation monthly update – Regulator updates, Legislation, Cases and other recent developments

Holding Redlich
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This update links to recent regulator updates (ATO, ASIC and APRA), legislation and cases relating to superannuation.

AustraliaFinance and Banking
Luke Hooper
Luke Hooper
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Superannuation monthly update - October 2020

Regulator updates

APRA begins roll-out of new Supervision Risk and Intensity Model (6 October 2020)

APRA is launching a new model for assessing risks faced by banks, insurers and superannuation trustees.

The new Supervision and Intensity Model (SRI Model), which is expected to be fully completed by July 2021, replaces the Probability and Impact Rating System (PAIRS) and the Supervisory Oversight and Response System (SOARS) systems that APRA has used since 2002.

The SRI Model focuses on risk identification, assessment, response and rectification, and has three core components that trustees should take note of:

  • tiering system – an entity's tier reflects the potential impact that entity failure, imprudent behaviour or operational disruptions could have on the Australian community's financial stability, economic activity and welfare. An entity's tiering is critical in determining the level of routine

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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