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.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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