Lead signal
Platform plumbing is where the FMA is writing its rules. The FNZ exemption rewires custody conditions for every scheme that relies on it, and the first sandbox notice shows exactly how prescriptive platform obligations are becoming. The BNZ undertaking and two named privacy decisions apply the same systems test to fee calculations and to member data.
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Regulatory radar overview
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Regulatory changes on the radar
Custody conditions changed on 1 July
- Who it affects
- managers and supervisors of self-select schemes using FNZ Group as custodian
- What it can disrupt
- oversight workflows, reconciliation monitoring and reporting integrations that assume the old separation rules
- Why it matters now
- in force 1 July 2026 with strict conditions: daily reconciliation, buffers, supervisor notifications.
A sandbox sets the template
- Who it affects
- fund managers and platform builders eyeing retail offers outside standard disclosure
- What it can disrupt
- the assumption that sandbox relief is light touch. The conditions read like a software specification
- Why it matters now
- effective 5 June 2026, expires June 2028. A template for anyone seeking similar relief.
Health data breach findings landed
- Who it affects
- fund managers and platforms holding member identity, tax and beneficiary records
- What it can disrupt
- security safeguards that would not survive a post-breach inquiry into whether they were reasonable
- Why it matters now
- Phase 1 found Privacy Act breaches in May. Compliance notices are coming and Phase 2 is next.
$2.6m for a calculation mismatch
- Who it affects
- fund managers and platforms whose systems calculate fees, rebates or unit prices against the disclosed basis
- What it can disrupt
- calculation engines that drifted from the terms customers actually signed
- Why it matters now
- enforceable undertaking accepted after $5.39m in underpaid interest. Find the drift before the regulator does.
Outsourcing does not outsource accountability
- Who it affects
- fund managers and platforms whose registry, custody or administration vendors hold member data
- What it can disrupt
- vendor contracts and oversight that leave privacy obligations implied rather than enforced and monitored
- Why it matters now
- decision published and the stores named. The principle applies well beyond retail.
Compiled with care from public sources; errors and omissions excepted. Always check the linked source before acting. Regulatory Radar is general information, not legal or compliance advice.