Hi There

Let’s call this edition ‘ASIC does good’. As you know, I’m not afraid of calling out the regulators or government when I think they are heading in the wrong direction. So when there’s sensible things happening, we should be celebrating that too! Lol. Here’s what I’m talking about:

• Dialling back breach reporting. On this one, I was actually in staunch agreement with ASIC’s earlier stance of ‘report everything and stop messing about’ as the reality before that was, er, not good. But now that’s happening, ASIC are being sensible about reducing what needs to be reported and in what circumstances. Decisions made on data. I like it.
• Buy Now Pay Later finally getting getting some legislation, including the need to hold an ACL. About bloody time, but at least it’s happening!
• ASIC reg roadmap for private markets. As we all know, private credit is ‘so hot right now’ and that’s a dangerous state of affairs. We can ill afford another GFC, especially when there’s so much else going on globally. I’m here for ASIC taking a broad view of the changing mix between public and private capital and looking to support good decision making.
• Death benefits. I know it's hard to manage. I know members don't get the legalities. But you know what, the current state of affairs is just not good enough and ASIC is trying it's hardest to get better results for members, something that funds should be doing!

On a different note, we had 160 women at our CREW webinar yesterday on the topic of Anti-Money Laundering with Alice Molan, Partner and Laura Newton, Senior Associate from Herbert Smith Freehills - a very engaging session. 

And don't forget to mark your calendars for the Federal Election on 3 May - though with all the carry-on, memes and general 'he said she said', it's going to be hard to miss!

Cheers

Sarah

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NEWS & VIEWS 

Superannuation sector apologises for death benefits problems, commits to getting it right - ASFA

Super industry hit with long list of actions in landmark death benefit claims handling report - ASIC

See no evil: ASIC report reveals super’s death benefits failure - Professional Planner

And here is the full report from ASIC

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Dutton doubles down on 'super for housing' policy - Financial Standard

Super funds left to figure out how to pay for better service - Professional Planner

Super sector welcomes stability but flags missed opportunities - Super Review

Insurance in super remains a mystery to millions of Australians - Financial Standard

Adviser platforms schooling industry funds on competitive super flows - Professional Planner

Payday super on track, but so is the $3m super tax - Financial Standard

Government urged to direct Budget super tax windfall to low-income earners - Investment Magazine

Not one trustee tracked end-to-end claims handling times: ASIC - Financial Standard

Super sector pushes for policy fixes as budget leaves gaps - Investor Daily

UPCOMING EVENTS 

FUND EXPENDITURE UNDER SPS 515

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(If your employer is an ASFA member, then you are welcome to attend. Not sure? Check here).

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