POWERED BY MOMENTUM MEDIA
APRA confirms super funds performance review
Superannuation funds will be required to undertake an annual Business Performance Review under new guidelines issued by the Australian Prudential Regulation Authority (APRA) consistent with the recent passage of the Government’s Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.1 Bill 2019).
The regulator this week wrote to all superannuation funds notifying that it has revised the relevant prudential standard consistent with the legislation including a legislated outcomes assessment.
It said that the revisions would require superannuation funds to undertake a Business Performance Review as part of their strategic and business planning processes.
The letter said funds would need to be both reflective and forward-looking in identifying improvements that could be made to enhance the sound and prudent management of their business operations, and to drive the sustainable delivery of better outcomes for members.
The letter said APRA was proposing to maintain an implementation date of 1 January, next year, meaning that the first Business Performance Review would need to be undertaken by 31 December, next year.
Recommended for you
ASFA has urged greater transparency and fairness in the way superannuation levies are set and spent.
Labor’s re-election has reignited calls to strengthen Australia’s $4.2 trillion super system, with industry bodies urging swift reform amid economic and demographic shifts.
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
