APRA

Superannuation

APRA flags Budget-driven changes to heatmaps

The Australian Prudential Regulation Authority’s MySuper heatmaps are facing adjustment to accommodate the Government’s Budget proposals on superannuation fund performanc...

Life/Risk

FSC flags significant IP changes by major insurers

Consumers will have the choice between sticking with increasingly expensive features-rich income protection products or moving to more affordable products to be launched ...

Superannuation

APRA hits out at super trustee failings

Super trustees are failing to provide the Australian Prudential Regulation Authority with sufficient data to meet requirements with the regulator highlighting specific in...

Life/Risk

APRA to resume IDII intervention

From 1 October life insurance companies will be subject to upfront capital penalties until the Australian Prudential Regulation Authority is assured they have taken adequ...

Superannuation

Mega-super fund outflows would have sunk many smaller industry funds

The latest data around the Government’s hardship early release superannuation regime has confirmed that only mega-funds could have coped with the level of outflows genera...

Financial planning

COBA and Master Builders welcome proposed credit reforms

The Customer Owned Banking Association and Master Builders Australia have both welcomed proposed credit reforms from the Federal Government to allow easier access to cred...

Superannuation

Former retail fund staffers more dominant within APRA

The Australian Prudential Regulation Authority has revealed that it has almost seven times more former retail superannuation fund staffers than those who have worked in i...

Superannuation

ASIC backs super funds on use of member reserves

The Australian Securities and Investments Commission is backing the Federal Court’s precedent in the IOOF case on how and when superannuation funds can use member reserve...

Superannuation

APRA to resume license issuance

The regulatory body will restart licensing activity for banks, insurers, and super funds with the first phase to start in September, 2020, and the second in March, 2021....

Superannuation

Early release fraud concerns around differing bank account details

Superannuation funds are carrying out double-checks around surprisingly high instances of different bank account numbers being used by members seeking early access to sup...

Superannuation

APRA indeterminant on who pays for early release fraud

Superannuation funds may not necessarily be held responsible for making good the losses caused by fraud around the Government’s hardship superannuation early release regi...

Financial planning

Almost 10% of all loans granted repayment deferrals

The loans outstanding, which are cumulatively worth $274 billion, have been granted temporary repayment deferrals by deposit -taking institutions. ...

Policy & Regulation

ASIC facing more Parliamentary Committee scrutiny

The chair of a key Parliamentary Committee has raised the Australian Securities and Investments Commission’s errors within its controversial SMSF factsheet among errors t...

Superannuation

How super early access has staunched the SG rivers of gold

Data analysis around the Government’s hardship early release superannuation regime has revealed that the ‘rivers of gold’ inflows generated by the superannuation guarante...

Financial planning

APRA tells banks to maintain dividends below 50% of earnings

Bank dividends could be cut after the Australian Prudential Regulation Authority told them to ‘maintain caution’ over 2020 dividend payments with the payout ratio maintai...