What will APRA find on Cbus’ AFL spend?

The Australian Prudential Regulation Authority (APRA) is investigating promotional activity by 12 registrable superannuation entities (RSE) and will publish any broad observations in 2022.

In an answer to questions on notice from the Senate Committee on Economics about Cbus Super’s AFL grand final advertisements costs, APRA said it had written to a number of RSE licensee to obtain information on aspects of their marketing expenditure and how they considered the impact of the best financial interests duty on their expenditure.

“At this time, we are unable to be precise as to the timing, other than to say that we intend to send the information request prior to the end of calendar 2021; and publish any broad observations in 2022,” APRA said.

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“We would be happy to provide further information to the committee once we have finalised our work.

“We also are considering what changes to our ongoing supervisory practices we may introduce to obtain a more contemporary view of RSE licensees’ practices and oversight in relation to expenditure on an ongoing basis. This work is at an early stage and we have not yet determined a finalisation date for this.”

APRA noted it also intended to write to a larger group of RSE licensees to obtain information as to how they had changed their approach in response to the best financial interests’ duty as part of the Your Future, Your Super reforms.

“Finally, APRA’s review of expenditure (which reviewed certain marketing and promotional expenditure by 12 RSE licensees) will be published shortly,” it said.

“Notwithstanding that this review covered expenditures undertaken in the period prior to the introduction of the best financial interests’ duty, we believe it will provide useful context and background as to industry practice.”




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"We also are considering what changes to our ongoing supervisory practices we may introduce to obtain a more contemporary view of RSE licensees’ practices and oversight in relation to expenditure on an ongoing basis. This work is at an early stage and we have not yet determined a finalisation date for this.”

Translated I believe this means, we have no idea what is going on around us, never did and at this stage, it is very unlikely to change.

Betting result will be ambiguous. Not because it is clearly wrong but because Labor/Unions/ISA slimy tentacles run deep and have a lot of influence, as we've seen with a corrupt ASIC.

"Betting results will be ambiguous"? The bookies don't think so. Ladbrokes, BlueBet, Sportsbet all have "nothing will come of it" as the $1.01 favourite!

I have no problem with super funds like CBUS and Hostplus spending what appears to be millions of members money on sponsorship and advertising. Just stop lying to the members they are only there for the benefit of members. Those sponsorships are for the benefits of the directors and fat cats in charge of the super funds; no one else.

And for Australian Super to boldly (as in half the TV screen) tell everyone that they have just made 24% for the last year (to June 30, 2021), how do advertising standards and government regulators continue to let this happen. No mention at all, that the 4 months prior to that 12 month period they had huge losses like everyone else due to covid.

How about a bit of backbone from regulators to stop this blatantly misleading advertising. And no, I don't hate industry super funds. We have heaps of clients in them. I just hate false advertising to the detirment of advisers trying to help clients, which industry super have been doing for over a decade. Funny thing is that advisers haven't recieved those "hidden commissions" that they speak of, for nearly 10 years.

APRA update report into the ISA rorts of spending big on fat cat perks and director linked services.
……. Well we had a good look, had a good laugh along the way over some great lunches with our Industry Super Fund / Union / Left Wing buddies. A real good look, wink, wink.
APRA are happy to report we didn’t find anything wrong…….nothing to see here at all folks …….move right along ……..come on by now you must know Industry Super can do what ever it likes and APRA, ASIC, etc will never bust them.
Off to the footy we go, season passes all the way :-) ISA sponsored of course.

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