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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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