POWERED BY MOMENTUM MEDIA
(July-2003) New look for APRA board
John Laker has been appointed as chairman of the Australian Prudential Regulation Authority (APRA), while (Kerry) Ross Jones takes on the role of deputy chairman
At the time of going to press, the Government was also poised to recommend Stephen Somogyi be appointed as a member of APRA for a three-year term.
These are the first appointments made under the enhanced governance structure introduced in response to recommendations made by the HIH Royal Commissioner, Justice Neville Owen. Under this structure, a three person full-time executive group replaces the APRA board.
Laker was previously assistant governor (Financial System) of the Reserve Bank of Australia (RBA) and a board member of APRA.
Jones was a commissioner at the Australian Competition and Consumer Commission and an associate professor at the University of Technology, Sydney (UTS).
Somogyi has been the CEO of the CPI Group, a commissioner of the Safety, Rehabilitation and Compensation Commission, chairman of the Monash Institute of Health Services Research, director of Collins Associates, Councillor of the Institute of Actuaries of Australia, director of the National Paper Council of Australia and director of Bridgewater Lakes Estate.
AUTHOR
Zilla Efrat
Recommended for you
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
