APRA acts on related party insurance Royal Commission recommendation

APRA has started the process to implement recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry on super funds obtaining insurance from related parties, and how they classify members as smokers or other categories. APRA has written to the trustees of all large super funds, asking for their input… Continue reading APRA acts on related party insurance Royal Commission recommendation

APRA starts project to collect more and better super fund data

APRA has started work on a project to transform the collection of data about superannuation funds, including around Choice products and investment options. APRA has announced the multi-year ‘Superannuation Data Transformation’ project, to improve the “breadth, depth and quality of its superannuation data collection”. “APRA’s Superannuation Data Transformation aims to drive better industry practices and… Continue reading APRA starts project to collect more and better super fund data

APRA needs to work harder on superannuation: Capability Review

APRA needs to lift its efforts on regulating the superannuation sector, particularity when it comes to member outcomes, says a capability review of the regulator. One of the recommendations of the Banking and Financial Services Royal Commission was a capability review of APRA. The – in parts scathing – report of this review has now… Continue reading APRA needs to work harder on superannuation: Capability Review

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APRA uses new directions power, puts licence conditions, on AMP super

APRA has used its new directions power, and imposed additional licence conditions, on AMP super. APRA announced that it has issued directions and put new licence conditions on AMP Superannuation Limited and N.M Superannuation Proprietary Limited – which both make up AMP Super. The prudential regulator said it had done this to “address a range… Continue reading APRA uses new directions power, puts licence conditions, on AMP super

APRA sets out superannuation policy priorities for 2019

APRA has set out its superannuation policy priorities for 2019, though some of them depend on action by the Government and the Parliament. APRA has released its annual Policy Priorities document, which outlines areas of policy focus over the next year and a half – including on superannuation. In the first half of 2019 APRA… Continue reading APRA sets out superannuation policy priorities for 2019

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APRA to review Stronger Super reform prudential framework

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… Continue reading APRA to review Stronger Super reform prudential framework

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APRA sets out superannuation policy priorities for 2018

APRA has outlined its superannuation policy priorities for 2018, including a comprehensive post-implementation review of the superannuation prudential and reporting framework. “Promoting improved governance and management in the superannuation sector is an ongoing priority for APRA, and one which has seen enhanced focus during the last year across APRA’s supervision and policy-making activities,” says an… Continue reading APRA sets out superannuation policy priorities for 2018

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APRA proposes super fund regulation changes, “independent” of Government

APRA is consulting on changes to prudential regulation of large superannuation funds, proposals which it says are independent but aligned with changes put forward by the Government. “The package outlines proposed changes to the prudential framework designed to enhance strategic and business planning, oversight of fund expenditure and the assessment of outcomes for members of… Continue reading APRA proposes super fund regulation changes, “independent” of Government

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APRA to target poor performing super funds in prudential changes

APRA will be targeting poor performing superannuation funds in upcoming changes to prudential regulation. APRA Deputy Chairman Helen Rowell told the 2017 ASFA Conference that the regulator would soon be releasing for consultation a package of proposed prudential framework revisions, including “changes to promote greater transparency, especially around expenditure, and implement member outcomes assessments for… Continue reading APRA to target poor performing super funds in prudential changes

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APRA puts under-performing super funds on notice

APRA has put under-performing superannuation funds on notice and plans to meet with these funds, after raising the option of them shutting down. APRA says it has identified some super funds which appear to not be consistently delivering “quality member outcomes”, based on an analysis of all super funds under its supervision. This leads APRA… Continue reading APRA puts under-performing super funds on notice

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