In the first half of the year, financial services regulators have continued to focus on several priorities for the superannuation sector identified in their corporate plans, enforcement priorities and other publications. This article looks at what has happened so far and considers what the sector might expect in the second half of the year.
At the start of 2024, we set out the top 10 priorities we suggested that superannuation trustees (trustees) keep at the top of their agendas for the year. These were based on emerging regulatory trends including the announced strategic and enforcement priorities of financial services regulators the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA). As a recap, we expected that the following areas would be important for trustees in 2024:
- Staying focused on retirement outcomes
- Uplifting member service standards
- Distributing products to the target market
- Avoiding inadvertent greenwashing
- Protecting superannuation balances
- Getting reporting right
- Achieving and maintaining operational and technological resilience
- Getting farther with FAR
- Reviewing dispute resolution processes
- Improving insurance offerings
What has happened so far?
To read the full articles click on the download button below.