APRA failing on sole purpose test says Bragg
The Australian Prudential Regulation Authority (APRA) is being accused of failing to adequately enforce the sole purpose test on some industry funds which are funding the publication of The New Daily.
NSW Liberal Senator, Andrew Bragg, has continued to point to the fact that The New Daily publication is being funded by industry funds and has suggested that the regulator’s failure to enforce the sole purpose test with respect to the funding is “a joke”.
He described The New Daily as a “boondoggle” and a “propaganda outfit” and something which represented a clear breach of the sole purpose test.
Bragg’s attack on The New Daily and its funding follow efforts by the chairman of the House of Representatives Standing Committee on Economics, Tim Wilson, to extract details of the manner in which The New Daily was funded.
However, Industry Super Holdings claimed the information was confidential and that the organisation contributed capital to The New Daily “as required”.
Recommended for you
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
