Superannuation fund directors placed under greater scrutiny
Legislation allowing greater powers for the Australian Prudential Regulation Authority (APRA) in dealing with superannuation fund directors has been passed through the House of Representatives.
The announcement came from the Minister for Financial Services and Superannuation Bill Shorten, who said APRA would now have new powers to go after rogue superannuation fund directors and make prudential standards.
Included in the Bill is the requirement for a trustee to put the interests of fund members first at all times, but also identifies the duties that apply to directors.
"The Bill helps to close a regulatory gap by giving APRA standards-making power in superannuation," Shorten said.
The Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012 contains measures which implement changes recommended by the Cooper Review into the governance, efficiency, structure and operation of Australia's super system.
"I am committed to reforming the governance and supervision of our superannuation system, and will be bringing further changes before Parliament, including additional disclosure requirements for trustees and enhanced data collection and publication powers for APRA," Shorten said.
The Minister said the prudential standards provisions would apply from the day after Royal Assent, while the enhancements to trustee obligations would apply from 1 July 2013.
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