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

Superannuation outcomes test & holding disclosure pass Parliament

An outcomes test for superannuation funds has passed the Parliament, along with changes to Portfolio Holding Disclosure. The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019 passed the House of Representatives on the last sitting day before the election. The Bill had already passed the Senate – it… Continue reading Superannuation outcomes test & holding disclosure pass Parliament

Government seeks to implement two Royal Commission recommendations

The Government wishes to implement two recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by amending some of its superannuation legislation in the Senate. The changes are being made to a Bill, the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2017, that… Continue reading Government seeks to implement two Royal Commission recommendations

APRA moves ahead of Parliament on super fund outcomes test

APRA has moved ahead of the Parliament in introducing an outcomes test for large superannuation funds. APRA released a package of new and enhanced prudential requirements, which it says are designed to focus large super funds trustees on delivering quality outcomes for members. APRA Deputy Chairman Helen Rowell said the regulator was committed to lifting… Continue reading APRA moves ahead of Parliament on super fund outcomes test

Superannuation Bills largely stalled in Senate ahead of winter break

With Parliament having risen for the long winter break many of the Government’s superannuation Bills remain stalled in the Senate, with some not even being debated yet in 2018 ASIC fee-for-service Bills The Bills to change ASIC towards a fee-for-service model have passed the Parliament. In part the Bills will lead to increases in the… Continue reading Superannuation Bills largely stalled in Senate ahead of winter break

Labor may yet support expansion of super fund choice

Labor will oppose the Government’s superannuation governance and reporting changes, but may yet support an expansion of super fund choice to more employees. Labor says it will oppose two of the Government’s superannuation Bills, but may support a third if it is amended. The House of Representatives on Monday passed the Treasury Laws Amendment (Improving… Continue reading Labor may yet support expansion of super fund choice

Government puts super fund governance & accountability Bills to Senate first

The Government has introduced Bills to enact its super fund governance and accountability policies to the Senate, before the House of Representatives, restarting a battle between industry and retail super fund. The Government introduced the Bills directly to the Senate, instead of to the House of Reps. Minister for Revenue and Financial Services, Kelly O’Dwyer,… Continue reading Government puts super fund governance & accountability Bills to Senate first