The Australian Prudential Regulation Authority (APRA) will recommence its review of the sole purpose test guidance given the Your Future, Your Super (YFYS) legislation has passed.
In answering a question on notice, APRA said it had paused the review until the legislative landscape had settled.
“Given the Government’s Your Future, Your Super (YFYS) reforms announced in the 2020/21 Federal Budget, APRA paused the review of the sole purpose test guidance until the legislative landscape had settled,” it said.
“With the recent passage of the YFYS legislation, APRA will recommence the review of the sole purpose test guidance, as part of a broader review by APRA of expenditure management guidance, and the introduction of the best financial interests duty in the YFYS reforms.”
This answer was given in respect to two questions asked by Liberal senator, Slade Brockman, which included whether the current guidance on sole purpose is insufficient. However, APRA did not directly answer that question.
