With the commencement of the Financial Sector Reform
(Hayne Royal Commission Response No. 2) Act 2021
(Reform), registrable superannuation entity (RSE) licensees are
likely to face heightened scrutiny and should ensure they have
robust governance and assurance arrangements in place.
To help superannuation trustees comply with their new
obligations under the Reform, ASIC and APRA have released a
follow-up to their joint April 2019 letter, providing guidance on
the oversight of advice fees charged to members' superannuation
accounts. Many will recall that the 2019 letter preceded a wave of
regulatory investigations and litigation by both regulators.
As a result of these amendments, and APRA and ASIC's updated
guidance, RSE licensees should be prepared to answer questions from
APRA and ASIC, and be ready for possible enforcement action in the
event of actual or perceived noncompliance.
