APRA backs dedicated super division
While the Federal Government opted to close down the separately-mandated Superannuation Complaints Tribunal (SCT), the Australian Prudential Regulation Authority (APRA) has signalled it is prepared to establish a separate division to cover regulation of superannuation.
In its formal response to the Government-initiated APRA capability review, the regulator signalled its agreement to a recommendation that it create “a Superannuation Division, headed by an Executive General Manager”, which would have a key focus of monitoring the overall performance of the superannuation system for members.
APRA said it supported the recommendation which would be implemented as part of an organisation restructure.
The regulator also signalled its acceptance of the review’s recommendation that it “embed and reinforce its increasing focus on member outcomes, including publishing objective benchmarks on product performance and developing a superannuation performance tool to replace PAIRs [Probability and Impact Rating System] by the end of this year”.
APRA said its work on performance benchmarking and data collection would be a priority.
The regulator also agreed that its member outcomes mandate should be more explicit and supported this occurring via the Government issuing a Statement of Expectations.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
