Royal Commission – will super be looking at additional controls? ASIC insurance report – claims handling in spotlight

Super Update

October 29, 2018
| Australia

With the report from the Royal Commission due on February 1, we would not be surprised if the final recommendations included some additional controls for superannuation. They could encompass trustee interactions with related parties as well as commissions and other conflicted remuneration.

This Super Update gives an overview of some potential findings from the Commission’s superannuation and insurance hearings which also raised a number of policy issues. The upcoming hearings on the policy questions may provide more of an indication of the direction Commissioner Hayne may take in his final report.

We also look at the ASIC report on insurance in superannuation, with the regulator next year set to test whether claims-handling processes have improved.

Our news in brief includes APRA’s information paper on cloud computing services, the updated Superannuation Guarantee and Statutory Declarations Regulations made, the independent RG97 review report and extension of ASIC’s group purchasing body relief, along with our regular digest of APRA superannuation statistical publications and guide to key changes.

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