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APRA puts SMSF growth into context
At least some of the growth in the numbers of self-managed superannuation funds (SMSFs) is attributable to the decline in exempt public offer superannuation schemes, according to Australian Prudential Regulation Authority (APRA) chairman, Wayne Byers.
Byers pointed to APRA data on the relative state of the superannuation industry to note the rise and rise of SMSFs. However he said while the share of industry assets accounted for by self-managed funds had certainly risen over the past decade by close enough to 10 per cent, some of this rise had been reflected in the relative importance of the exempt public offer schemes.
He said that after falling a few percentage points in the 2006-2008 period, the share of industry assets held by APRA-regulated funds had remained largely stable.
"The self-managed sector certainly provides a strong competitive discipline on the APRA-regulated sector, but there is little in this chart to suggest that the substantially more robust prudential regime introduced in recent years is materially impeding the ability of regulated funds to offer attractive products and services to fund members," Byers said.
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