20 funds facing immediate heat map pressure

superannuation/Helen-Rowell/mysuper/APRA/

5 December 2019
| By Mike |
image
image image
expand image

There are as many as 20 superannuation funds which are likely to face significant pressure from the Australian Prudential Regulation Authority (APRA) when it publishes its heat map data this week and at least a further 20 who will be on notice that they are facing regulatory scrutiny.

That is the bottom line of evidence given by APRA deputy chair, Helen Rowell to a Parliamentary Committee in which she stated that 20 funds were already on the regulator’s heat map radar.

Discussing the number of funds which would be under scrutiny, Rowell pointed to the 20 definite under-performers.

“When we've looked at the outcomes of what will be published, we've looked at two main groups of what we might call underperformers—those that are looking really quite poor across a number of dimensions, and there are probably about 20 in that group,” she said. “Then there's another group that sits a little bit above that, but still has some issues, which is around a similar size.”

“The ones that are pale yellow to white are the other half of the MySuper population,” Rowell said.

The APRA deputy chair said that the group of funds identified as under-performers was larger than APRA would have liked but noted that the regulator was not surprised by the funds which had been included in the list.

“We’ve been engaging with these entities to try and get them to improve over some time,” she said.

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 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 5 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 1 day ago

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

2 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