Submissions are open for the second report by the Financial Regulator Assessment Authority (FRAA) into how the Australian Prudential Regulation Authority (APRA) is resolving and supervising superannuation.
This was the second report for the FRAA, which was set up in 2021 following a recommendation by the Hayne Royal Commission, following an earlier one into the Australian Securities and Investments Commission (ASIC) which published its report in August 2022.
FRAA said: “The first review of APRA will be a targeted assessment of the effectiveness and capability of APRA’s supervision and resolution functions, focusing on superannuation.
“The scope of the review excludes matters that are under consideration in other reviews or consultations, such as the review of the Your Future, Your Super laws.
There were a series of questions for supervision and resolution of APRA
For supervision, these were:
For resolution, the questions were:
Submissions were open until 15 December, 2022.
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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