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Senate Committee sets sights on Consumer Data Right reforms
A Senate inquiry into FinTech and RegTech in Australia will explore the effectiveness of technology in the financial sector, including the implementation of Consumer Data Right (CDR) reforms.
The Senate Select Committee on Financial Technology and Regulatory Technology is also exploring opportunities for government to promote effective and sustainable growth in the financial industry in order to enhance Australia's economic competitiveness.
Consumer Data Right is due to be introduced into the banking sector in phases from 1 July 2020 and will allow consumers to access data about themselves held by companies, in a format that is readily usable. It is also expected to allow consumers better access to information on the products available to them.
In its submission to the inquiry, AIST has supported the use of CDR in allowing members to share relevant information with their super funds. Whilst supporting the implementation of CDR in superannuation, AIST has emphasised the need for including customer protection, an even playing field, simple language and also adequate time and sector wide consultation on rollout.
The committee is due to present its final report on or before the first sitting day in October 2020.
For further information please contact AIST’s Policy Analyst, Zach Tung at email@example.com
ATO acts to ensure appropriate use of SuperMatch
Super funds wanting to keep using the ATO SuperMatch service need to act by 17 February.
The ATO sent a letter to all super fund trustees in December about revised conditions of use for SuperMatch, and to underline their concerns that the service be used in accordance with members’ best interest. If there is any question about its appropriate use, the ATO will turn off access to the service while it investigates further.
The ATO and ASIC will continue to investigate potential cases of misleading and deceptive conduct where trustees fail to obtain explicit consent from a member to perform a search and provide balanced information about the benefits and risks of consolidation.
Super funds who do not engage with the ATO by 17 February 2020 will have their permission to use SuperMatch service removed. Permissions are controlled by the ATO at the ABN level, so all solutions connected to the Trustee’s ABN will lose access to use SuperMatch where the permission is removed.
ASIC examines implementation of the Insurance in Super Code
ASIC has released an update on the industry’s progress in implementing the Voluntary Insurance in Super Code implementation.
ASIC released a report in December examining the extent to which implementation of the Voluntary Insurance in Superannuation Code is improving member outcomes. While ASIC noted some improvements resulting from the adoption of the Code, it also found that considerable work is needed to achieve the high industry standards members expect.
As well as releasing the report, ASIC also wrote to the largest 80 super funds encouraging them to “…reflect on whether your organisation is appropriately focused and committed to making meaningful improvements for the benefit of your members in relation to your insurance offering…”
The report is the first in a series of ASIC reports on industry practices around insurance in superannuation planned for release in 2020. The next report – on the impact of the Protecting Your Super legislation - is scheduled for February. ASIC has also approached funds for further data about insurance in super.
In a related development, a draft revised version of the Code – aligning it with the PYS and PMIF legislation – was released for consultation shortly before Christmas: responses are sought by 24 January.
A copy of the letter to super funds can be seen here.
09 January 2020