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.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
