APRA has outlined its areas of compliance focus for superannuation funds for 2016.
APRA superannuation levies are set to decrease in 2015/16, according to a Treasury discussion paper. 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… Continue reading APRA starts to release MySuper statistics
The Government has issued a ‘statement of expectations’ to many of the regulatory bodies, including the ATO, ASIC and APRA. These statements outline “the Government’s expectations about the role and responsibilities” of the regulatory bodies. While acknowledging that the regulatory bodies need to act “independently and objectively”, the Government expects that they will “take into account… Continue reading Government sets out expectations for ATO, ASIC, APRA
Below is a summary of the different types of super funds, and there acronyms. Registrable Superannuation Entities (RSE) Registrable Superannuation Entities (RSEs) include: APRA regulated super funds Multi-member ADFs Pooled Superannuation Trusts Eligible Rollover Funds But RSEs do not include: SMSFs Public-sector superannuation schemes APRA maintains a list of RSEs.