Streamlining insurance, banking and super regulation - have your say

Breach reporting and other requirements will be easier to comply with if the proposals in a new draft bill are passed. Industry can comment on the draft Financial Sector Legislation Amendment (Simplifying Regulation and Review) Bill until Wednesday 30 May, and we urge our clients to do so.

What does the Bill cover?

The Bill embodies the recommendations made by the Taskforce on Reducing Regulatory Burdens on Business and the Review of Part 23 of the Superannuation Industry (Supervision) Act 1993.

Basically, it attempts to harmonise duties and powers across the Banking Act, Insurance Act, Life Insurance Act and Superannuation Industry (Supervision) Act. These include:

• streamlined breach reporting
• protection for whistleblowers
• APRA's exemption powers and discretionary powers
• court-enforceable undertakings
• co-operation between APRA and actuaries' and auditors' professional bodies
• reducing overlaps in reporting requirements to APRA and ASIC.

These changes are welcome ones, as they attempt to reduce the compliance burden on ADIs, insurers and super funds.