The month of August saw a broad array of regulatory updates from ASIC and APRA. Notably, ASIC announced an extension of the transitional relief for foreign financial services providers from the requirement to hold an Australian Financial Services licence. August also saw ASIC release its corporate plan illustrating its strategic priorities for the next four years and highlighting the core strategic projects supporting these priorities. ASIC also identified room for improvement with life insurance claims handling after reviewing 4800 individual disability income insurance claims.
Also in August, APRA released the 2022 MySuper performance test results, in which APRA assessed 69 MySuper products against an objective benchmark which measures these products’ investment performance as well as their fees and costs. APRA also released its statistics on superannuation, life, and general insurance for the June 2022 Quarter and its findings from the climate-risk self-assessment survey. Additionally, in August the Financial Regulator Assessment Authority’s report Effectiveness and Capability Review of the Australian Securities and Investments Commission (ASIC), was released. The review found that ASIC is generally capable and effective in the areas reviewed and made four recommendations for implementation by ASIC.
Read the full update here