APRA has announced it has begun a ‘post-implementation’ review of the superannuation prudential framework changes in the 2013 Stronger Super reforms.
“The aim of the review is to ensure the prudential and reporting standards, and related guidance, have achieved their objectives and continue to remain fit for purpose,” said APRA.
APRA said its objective in this review was “neither to weaken nor strengthen the prudential framework”.
“APRA will, however, consider changes to the prudential framework to address any gaps identified or issues raised during the review process to improve its effectiveness.”
The regulator has released a discussion paper on the post-implementation review, along with two short topic papers – one on governance and the other on risk management. Over the next few months APRA plans to release further short consultation papers on four topics:
- financial requirements, operational risk and outsourcing
- member flows and products
APRA will also hold routable discussions and bilateral meetings with stakholders as part of the review.
The final report of the review is expected to be relased in “early 2019”.
Submissions on all the consultation papers are due by 26 September 2018.