Both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) are set to emerge as major funding winners from next month’s Budget with the Government already confirming a 25 per cent increase in funding.
In doing so, the Treasurer, Josh Frydenberg pointed to the recommendations of the Royal Commission and the intention to extend the Banking Executive Accountability Regime (BEAR) to all Australian Prudential Regulation Authority (APRA) regulated entities including insurers and superannuation funds.
Frydenberg said the regulators would be provided with more than $550 million in the Budget with ASIC being provided with more than $400 million in additional funding and APRA being provided with more than $150 million.
He said the funding would allow the regulators to strengthen and intensify their approach to enforcement and take on expanded responsibilities to stamp out misconduct in the financial sector.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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