POWERED BY MOMENTUM MEDIA
APRA reluctant to name heatmap advisers
The Australian Prudential Regulation Authority (APRA) has declined to disclose to a key Parliamentary committee the names of the consultant experts it used to help devise its approach to superannuation heat maps.
Despite significant pressure from the chair of the House of Representatives Standing Committee on Economics, Tim Wilson who referred to his ability to use Freedom of Information protocols, APRA deputy chair, Helen Rowell, declined to reveal which consultants the regulator had used.
Rowell said that APRA had “engaged external experts to assist us with providing review and validation of the approaches in particular areas” but declined to say who those experts were.
Asked why, and who they were, Rowell stated: “We haven't got agreement from all of them to name them and we don't propose to name some and not others”.
Wilson then queried APRA’s reluctance saying he was confused.
“You have actually got a position that has been put forward by APRA. You have used external parties to inform your decision making and presumably they have been contracted by APRA but you’re not prepared to disclose who has been contracted by APRA to do so,” he said.
Rowell said that was correct and one of her senior executive colleagues said that not all those people APRA had used had given consent to be named.
APRA chair, Wayne Byers later said that notwithstanding the use of outside advisers, APRA took total ownership of the heat map approach.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
