Superannuation (prudential standard) determination No. 7 of 2012 - Prudential Standard SPS 521 - Conflicts of Interest
Review of conflicts management frameworkReview of conflicts management framework
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Review of conflicts management framework
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An RSE licensee must ensure that the appropriateness, effectiveness and adequacy of its conflicts management framework are subject to a comprehensive review by operationally independent, appropriately trained and competent persons at least every three years.
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The scope of the comprehensive review of an RSE licensee’s conflicts management framework must have regard to the size, business mix and complexity of the RSE licensee’s business operations, the extent of any change to those operations and any changes to the external environment in which the RSE licensee operates.
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At a minimum, the comprehensive review of the conflicts management framework must consider:
(a) whether all relevant duties and all relevant interests have been identified and are being addressed in accordance with the RSE licensee’s conflicts management framework;
(b) the level of compliance with the conflicts management policy, including reporting on the registers of relevant duties and relevant interests; and
(c) any non-compliance with the conflicts management policy, including steps taken to return to, and improve, ongoing compliance.
- In addition to the comprehensive review required in paragraph 20, an RSE licensee must, on an annual basis, review its conflicts management framework and report the results of this review to the Board.