APRA

Superannuation

APRA predicts second tranche early release surge

Just over $18 billion has already been taken from superannuation accounts via the Government’s hardship early release superannuation scheme and the Australian Prudential ...

Superannuation

No slackening in momentum of early release super

From go to woah, the latest Australian Prudential Regulation Authority data has revealed no slackening in demand for hardship early release superannuation....

Superannuation

Has COVID-19 volatility undermined APRA’s heatmaps?

New analysis from Frontier Investment Consulting suggests that the volatility generated by COVID-19 has raised real questions about the Australian Prudential Regulation A...

Financial planning

APRA gives ASIC enforcement powers for Westpac investigation

The Australian Securities and Investments Commission will be allowed to apply to the courts for fines and disqualification of individuals in relation to AUSTRAC’s proceed...

Superannuation

10 super funds still accounting for 60% of early release payments

Big, highly-exposed superannuation funds continue to make the bulk of hardship, early release superannuation payments....

Superannuation

Trustees take 3.3 days to pay early access to super scheme

Since the start of the scheme in April, 94% of payments were made within five business days, according to data....

Policy & Regulation

APRA put under pressure to consider early access scheme

The Australian Prudential Regulatory Authority was given less than one day to consider the early access to super scheme. ...

Life/Risk

Life insurance industry loses $1.8b

Individual disability income insurance as the worst hit risk product at a loss of $1.4 billion over the year to March 2020, according to data. ...

Superannuation

Stop making excuses not to merge says APRA

Too many superannuation fund trustees have been looking for excuses not to merge rather than getting on with the process in the best interests of their members, according...

Superannuation

Super in decline even before early access regime

New Australian Prudential Regulation Authority data has revealed the lowest rate of return for superannuation since data began being collected 15 years’ ago. ...

Policy & Regulation

RC-based class action against IOOF settles quietly

IOOF has walked away from a class action initiated against it in the wake of the Royal Commission and action by the Australian Prudential Regulation Authority with a quie...

Superannuation

The slowest funds to pay early access

Almost all of BT’s Advance Retirement Suite early access to super payments have taken between six to nine days, according to Australian Prudential Regulation Authority (A...

Superannuation

Early release fraud – members will pay

Superannuation funds may not have been responsible for the $150,000 early release fraud being investigated by the Australian Federal Policy but their members will ultimat...

Policy & Regulation

Fixed term investment marketers in ASIC’s sights

Firms marketing fixed term investment products as a substitute for bank term deposits have been placed on notice by the Australian Securities and Investments Commission. ...