APRA

Superannuation

Super trustees to expect further advice fee oversight by regulators

The corporate and prudential regulators have put superannuation trustees on notice that they can expect a further follow up on their advice fee practices and that they ex...

Policy & Regulation

Regulator set up to monitor ASIC and APRA

The legislation to set up the Financial Regulator Assessment Authority has passed to assist the corporate watchdog’s new chair to ensure the Australian Securities and Inv...

Superannuation

Second performance review needed: ASFA

A second stage as part of the super test benchmark is needed to avoid relying on automation which could create issues similar to that of the Robodebt saga, according to t...

Policy & Regulation

Advertising review to focus on governance not political appropriateness

The prudential regulator is unlikely to make any findings on the political appropriateness of advertising from super funds but may recommend a follow-up inquiry....

Superannuation

Super funds to list payments to industry bodies

The Australian Prudential Regulation Authority will start collecting data on annual payments to industry associations by registrable superannuation entities from 1 July, ...

Life/Risk

Life insurance industry gradually improves

While individual disability income insurance products recorded a loss of $0.3 billion over the year to end March, 2021, this was a $1.1 billion improvement on last year’s...

Superannuation

Risk management a prudential issue: APRA

Super funds have been warned by the Australian Prudential Regulation Authority that a single serious accusation of misconduct when it comes to risk management is a pruden...

Policy & Regulation

Hayne failed and APRA failed on industry funds

A Parliamentary Committee has found that the Hayne Royal Commission failed to adequately scrutinise industry superannuation fund structures and the Australian Prudential ...

Policy & Regulation

Govt faces defeat on YFYS bill

The Government’s attempts to give itself a brake on industry funds investment decisions appears headed for significant amendment in the Senate. ...

Life/Risk

Actuaries support life insurers remaining under APRA scrutiny

Life insurers are not yet out of the woods on disability income insurance and should remain under scrutiny by the Australian Prudential Regulation Authority, according to...

Superannuation

Is APRA over-stepping the mark on fund mergers?

The Australian Prudential Regulation Authority has raised eyebrows by revealing the degree to which it wants to influence which funds merge with which. ...

Superannuation

APRA warns of painting choice sector red

Choice superannuation funds have been placed on notice that unless they look to their fees and investment performance they are at risk of being painted red on the heatmap...

Policy & Regulation

Budget points to fewer staff within ASIC

While the other regulators grew their staff numbers, the Budget papers point to a net loss for ASIC. ...

Tools & guides

Super changes from the Budget

This year’s Federal Budget brought in numerous changes to superannuation including making contributions and managing retirement income streams, writes Tim Howard and Neil...

Funds management

IOOF acquisition of MLC gets green light

IOOF’s bid to acquire MLC, including NULIS Nominees, has been approved by the prudential regulator, and is working towards a completion date of 31 May, 2021....