APRA warns licensees warning about 3 day rolloversBY ALEX DUNNIN | MONDAY, 22 APR 2013 12:45PMThe Australian Prudential Regulation Authority (APRA) has today written to RSE licensees advising them of their new obligations to process rollovers within three days and use the Australian Taxation Office (ATO) developed SuperTIC service as their means for uniquely identifying member tax file numbers (TFNs). |
Editor's Choice
AustralianSuper ups admin fees
|The $430 billion superannuation fund is increasing its administration fees for the first time since 2022.
Advice complaints see biggest increase in FY26: AFCA
|Despite only accounting for less than 10% of the total complaints lodged, investment and advice complaints have seen the steepest increase in FY26, data from AFCA shows.
BUSSQ ups insurance cover, costs
|BUSSQ members will see the cost of their death and TPD cover increase as the fund increases the level of default cover.
Apostle names new head of distribution
|Apostle Funds Management has named a new head of distribution shortly after securing its chief executive.
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
The main purpose of this letter is not to advise RSE licensees of their new obligations (as these are well known in the industry by now),, but the purpose is to recognise that the 2 obligations effective 1 July 2013 (3 day rollover timeframe and use of TIC) may not be easily met during the transition period (6 months ending 31 Dec 2013). The letter is aimed towards assuring Trustees that APRA is not necessarily concerned about breaches of these 2 obligations until 1 January 2014. There are a lot of funds that will not be prepared by 1 July 2013 and in anycase have a transition period available to them. This letter is timely as the industry must be worried about meeting the legislative obligations while it prepares for the new standards.