APRA has outlined its areas of compliance focus for superannuation funds for 2016.
Total levies on the superannuation industry, excluding SMSFs, will decrease from $130.1 million in 2014/15 to $124.0 million in 2015/16.
APRA has written to RSE (Registrable Superannuation Entity) licensees with concerns around the management of conflicts of interest.
The letter reveals that in 2014 APRA conducted a review to “assess how the superannuation industry was implementing SPS 521 [Superannuation Prudential Standard: Conflicts of Interest] requirements relating to managing conflicts of interest.”
ARPA has started to release MySuper superannuation fund statistics. According to APRA there are 116 MySuper products, holding total assets of $ 363.2 billion.
“The statistics provide a central source of information on MySuper products and support the broader transparency objectives of the Stronger Super reforms,” said APRA member Helen Rowell.
This release of statistics covers the September 2013, December 2013, March 2014 and June 2014 quarters. APRA has a duty under the SIS Act to publish quarterly MySuper Statistics, including “fees charged, costs incurred and net returns”.