APRA denies ‘waving through’ MySuper applicants
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"We did not wave them through and, in fact, many were withdrawn when we pointed out issues," she said.
Rowell said that in a number of instances those applications which were withdrawn were not resubmitted.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of APRA's approach to working with MySuper applicants that those applications which were approved and those which were withdrawn and resubmitted were of a generally very high standard.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.
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
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
