APRA/ASIC ‘engage’ super funds over adviser relationships

APRA/superannuation/ASIC/financial-advisers/australian-prudential-regulation-authority/australian-securities-and-investments-commission/superannuation-funds/super-funds/superannuation-accounts/

31 January 2020
| By Mike |
image
image image
expand image

The Australian Prudential Regulation Authority (APRA) has confirmed that a number of superannuation funds have been “engaged” over payments to third parties such as financial advisers.

The regulator revealed the engagement as part of its outline of its supervisory priorities for 2020, noting that it was area of joint supervisory focus with the Australian Securities and Investments Commission (ASIC).

It said that during 2019 both APRA and ASIC had required all trustees to review the robustness of their existing governance and assurance arrangements for fees charged to members’ superannuation accounts.

“APRA and ASIC are engaging with individual trustees on the outcomes of their reviews, ensuring that trustees have credible plans for addressing identified weaknesses in a timely manner,” APRA said. “Industry-level findings will be made public in the first half of 2020.”

APRA said conflicts of interest was another key area of supervisory focus for it in 2020 and that it had begun an “in-depth review of selected large trustees’ management of outsourcing providers, focusing on related party arrangements and managing conflicts of interest”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 21 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5