Key EISS individuals to be examined on expenditure

Key individuals from EISS are expected to be examined by the prudential regulator regarding its past marketing and sponsorship expenditure.

Speaking at a Parliamentary hearing, the Australian Prudential Regulation Authority (APRA) was asked by Senator Andrew Bragg about what the regulator was doing to implement the new laws on best financial interests and pointed to EISS.

APRA executive board member, Margaret Cole, said the investigation into EISS on expenditure, governance and oversight commenced in May and was ongoing.

“We already have documentation that's come in pursuant to notices that were served. Considering that we would expect to examine key individuals here,” Cole said.

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“We will focus on past events that gave rise to concerns as well as actions to prevent such things happening in the future.”

Cole noted APRA expected the practices of entities examined in its thematic expenditure review to cease.

“In many cases expenditure has stopped and that is appropriate. Where it has continued we are looking into that properly, and we will see what action we can take on it,” she said.

“But having new tests and new powers and the new burden of proof for the future, I would expect us again to be more muscular and bold in how we push into these issues.”