The Australian Prudential Regulation Authority (APRA) has denied media suggestions that it has simply been waving through MySuper authorisations.
APRA member Helen Rowell told the Conference of Major Superannuation Funds this week that such suggestions were completely wrong and that any examination of the facts would reveal that the regulator had, in fact, rejected a number of applications.
"We did not wave them through and, in fact, many were withdrawn when we pointed out issues," she said.
Rowell said that in a number of instances those applications which were withdrawn were not resubmitted.
However she said it was a measure of APRA's approach to working with MySuper applicants that those applications which were approved and those which were withdrawn and resubmitted were of a generally very high standard.
Rowell said that APRA would now be closely monitoring the implementation of the MySuper products it had approved and would be expecting trustees to deliver on their undertakings.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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