APRA does not rule out naming under-performing funds
The Australian Prudential Regulation Authority (APRA) has not ruled out naming laggard superannuation funds.
In a tough address to the Conference of Major Superannuation Funds (CMSF) on the Gold Coast, APRA deputy chair, Helen Rowell said that while the regulator might not be currently naming persistently under-performing superannuation funds, this would not necessary continued to be the case.
She said APRA had not named under-performing funds because of the potential negative impact on members, but added “for now”.
Rowell signalled to superannuation fund trustees attending the conference that they would soon be receiving a letter from APRA outlining the regulator’s tough new expectations.
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