The Australian Prudential Regulation Authority (APRA) has signalled it would like to have a directions power over the superannuation industry, similar to that it employs with respect to banks and other financial institutions.
APRA's desire for more powers came at the same time as it revealed that three or four superannuation fund trustees were the subject of oversight by the regulator for "material shortcomings"
It said those shortcomings related to governance and conflict management and weaknesses in risk management standards and controls.
APRA's desire for the directions power were revealed to Senate Estimates, with APRA deputy chair, Helen Rowell confirming under questioning that the regulator believed a strengthening of its powers in key areas would be useful.
She said that, in particular, the introduction of a broader directions power such as it had over other industries would help, alongside powers to approve changes of ownership.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
As advisers on superannuation strategies and products, we need to know which funds are being investigated for shortcomings don't we? Even if we just put a watch on them and wait until the investigations are complete, shouldn't we have immediate access to this information?
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