Super Alert – 23 May 2025: ASIC’s areas of focus for 2025/26 financial reports, consultation in relation to AML/CTF Rules, APRA performance test benchmark fees

Welcome to the weekly KHQ Super Alert. This week APRA published information relating to some representative fees for the annual performance test. ASIC announced its focus areas for reviews of upcoming financial reports. Meanwhile AFCA and AUSTRAC both announced public consultations in relation to the rules that they each operate under.

APRA – New performance test FAQ published

On 22 May 2025, APRA issued a response to a new frequently asked question in relation to the Your Future, Your Super performance test. The question that was added is: ‘What were the benchmark representative administration fees and expenses (‘BRAFE’) for the 12 months to March 2025?’.

Click here for details.

ASIC – Areas of focus for 2025/26 financial reports

On 19 May 2025, ASIC issued a media release setting out its ‘financial reporting and audit focus areas for the 2025-26 financial year’. In relation to RSE licensees specifically, ASIC has noted that it is currently finalising a ‘review of around half of all lodged RSE financial reports’ for the 2023/24 financial year. The other half of RSE licensee reports will be audited in the coming financial year.

ASIC’s particular ‘focus areas for RSE financial reports include:

• the measurement and disclosure of investment portfolios, and
• disclosure of marketing and advertising expenses’.

Click here for details.

AFCA – Consultation in relation to proposed amendments to AFCA Rules

On 19 May 2025, AFCA announced that it is proposing changes to its Rules ‘to ensure they remain accurate and up to date’. Some of the proposed changes relate to:

• introducing ‘the ability for AFCA to name financial firms who do not comply with Determinations’;
• requiring ‘the use of appropriate communication channels by paid representatives’; and
• removing parts of the rules which relate to legacy complaints that have now ceased to have effect.

The consultation period closes on 13 June 2025.

Click here for details.

AUSTRAC – Second round of public consultation on new AML/CTF rules

On 19 May 2025, AUSTRAC announced that it has commenced a further round of public consultation in relation to the new Anti-Money Laundering and Counter-Terrorism Financing Rules.

As referred to in our Super Alert of 13 December 2024, AUSTRAC already sought feedback from the public late last year in relation to these reforms. The Rules have been updated since that first round of consultation, and AUSTRAC seeks further input on the changes and some new requirements. The new requirements relate to:

• ‘reportable details for threshold transaction reports and suspicious matter reports’; and
• ‘information required for enrolment and registration applications’.

Feedback is also sought in relation to the ‘current rules-based exemptions which will be retained, called the AML/CTF Rules (Class exemptions and other matters) 2007’.

The consultation period closes on 27 June 2025.

Click here for details.

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