POWERED BY MOMENTUM MEDIA
Gov puts money, confidence behind APRA chair
The Morrison Government has reappointed Australian Prudential Regulation Authority (APRA) chair, Wayne Byres, for another five years and committed $58.7 million of new funding to the organisation, ahead of what Treasurer Josh Frydenberg labelled a “time of significant reform in Australia’s financial system”.
The funding, which would be provided over four years from the current financial year, was earmarked to increase the number of frontline supervisors for the largest and most complex financial institutions, improve the regulator’s data collection capabilities, and enhance its abilities in responding to new and emerging risk areas. These areas would include cyber, fintech, and culture.
Following an Interim Report from the Banking Royal Commission that slammed financial services regulators’ responses to misconduct, Frydenberg also said that the additional funds would go towards a review of APRA’s enforcement strategy and its use of formal enforcement powers. This would include examining its use of such powers against the superannuation industry.
The Government also announced the appointment of a second deputy chair, John Lonsdale, who, alongside Byres, would be tasked with helping APRA develop a stronger focus on accountability and enforcement.
Recommended for you
Cbus has swiftly promoted Leigh Gavin to chief investment officer only months after naming him deputy, as the fund works towards growing in size and bringing its investment expertise in-house.
Bravura CEO Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
The $16 billion fund has teamed up with a retirement income product specialist to give its members more confidence to spend in retirement.
The super fund-owned institutional investment manager has appointed an internal candidate as its next head of operations.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
