No feedback to be given for YFYS performance test

The Government’s Your Future, Your Super (YFYS) performance test will not disclose the value of the superannuation fund’s mark and will only indicate a “pass” or “fail”. 

The Australian Prudential Regulation Authority (APRA) updated its frequently asked questions on its YFYS performance test and said it would publish the results on its website on 31 August, 2021, after all registrable superannuation entities (RSE) were notified of their result on 30 August, 2021. 

“For each MySuper product a “pass” or “fail” result will be published; the value will not be disclosed,” APRA said. 

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This would mean that funds would also not know how much they failed by. 

RSE licensees that failed would need to notify their beneficiaries within 28 days. However, in “exceptional circumstances” such as a merger a consideration might be given to deferring the notice. 

“Their request must be sent to both their responsible supervisor at APRA and to the Australian Securities and Investments Commission (ASIC) through the ASIC Regulatory Portal,” it said. 

“ASIC will be the lead agency in considering requests and will consult with APRA prior to making a decision.” 

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At least the default Super Fund Trustees will be able to experience the living hell that retail advisers have had to put up with under the similar FASEA exams. Both are rubbish & when Labor eventually takes office, it should not surprise to see bizarre baloney like this to be thrown out the window. This is the policy trash developed when you employ 500 more people in Treasury, than what is necessary to be on the payroll.

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