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). |
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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.