Super Alert – 5 June 2026: ASIC IDR data dashboard update, AFCA consultation on rule changes re genetic testing in life insurance
Welcome to the weekly KHQ Super Alert. This week, ASIC published an update to its IDR data dashboard, and AFCA proposed amendments to its rules which would allow it to deal with complaints against life insurers failing to comply with the ban on the use of genetic information. A determination was registered specifying new rates in relation to family law orders. In addition, the ATO published practical guidance around the management of government contributions and rollovers and Treasury announced a consultation on whistleblowing frameworks.
ASIC – IDR data dashboard update
On 3 June 2026, ASIC published an update to its ‘Internal Dispute Resolution (IDR) data dashboard to include complaints open, received or closed between 1 July and 31 December 2025, reflecting the most recent data reported by financial firms’. According to the media release, ASIC states that the update ‘also introduces a new complainant demographics page, allowing users to explore complaint trends by age group, gender and location. Complainant demographic data is not shown at the firm-level.’
‘These enhancements aim to improve the transparency, accessibility and usability of IDR data, supporting ASIC’s objective to strengthen accountability and drive improved complaint handling across the financial system.’
Click here for details.
Legislation – New family law superannuation rates determination registered
On 3 June 2026, the Family Law (Superannuation) (Interest Rate for Adjustment Period) Determination 2026 was registered on the Federal Register of Legislation. The determination specifies certain rates that ‘relate to orders or agreements providing for a base amount split of future superannuation benefits…payable in respect of a defined benefit superannuation interest or an interest in a self-managed superannuation fund’.
Click here and here for details.
Treasury – Consultation on whistleblower legislation
On 2 June 2026, Treasury commenced a consultation process in relation to identifying issues in tax and corporate whistleblowing frameworks. Feedback is being sought ‘on the operation of the whistleblowing frameworks in: Part 9.4AAA of the Corporations Act 2001 [and] Part IVD of the Tax Administration Act 1953’. It forms part of Treasury’s ‘Statutory review of tax and corporate whistleblowing’. A consultation paper has been released.
Expressions of interest to participate in roundtable sessions must be received by 12 June 2026, and the overall consultation period closes on 29 July 2026.
Click here and here for details.
AFCA – Consultation on rule changes for genetic testing in life insurance
On 2 June 2026, AFCA opened a consultation on proposed amendments to the AFCA Rules which would enable AFCA to deal with complaints arising from an insurer’s compliance with the recently introduced ban on life insurers soliciting or using protected genetic information when offering life insurance. Specifically, the changes would amend Rule C.1.4b) and Rule C.1.4D) of the AFCA Rules.
The proposed change would come into force on 8 October 2026, the same day the ban comes into force under the Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026 (Cth).
The consultation period closes on 26 June 2026.
Click here and here for details.
ATO – Guidance released for managing government contributions, rollovers and reconciliations
On 1 June 2026, the ATO published guidance for APRA funds outlining how the ‘Online services for business’ platform can be used to review superannuation account balances (including credit balances) and to ensure regular reconciliation processes for government contributions and rollovers are maintained.
The ATO recommends that funds ‘actively monitor returned payments and immediately review any messages that do not have corresponding technical receipts’. The guidance also notes that ‘incomplete or inaccurate reporting may result in suspended payments and incorrect information displayed in ATO Online’, which can directly impact fund members.
Click here for details.
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