The ability of the Australian Prudential Regulation Authority (APRA) to maintain stability in the superannuation industry may be at odds with its ability to deal with issues in the industry, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been told.
Setting the scene ahead of the Royal Commission’s hearings on the superannuation industry, counsel assisting the Royal Commission, Michael Hodge QC, pointed to an “inherent tension” confronting APRA in terms of industry stability and enforcement action.
Hodge similarly pointed to some of the overlaps and tensions with respect to the role of APRA and that of the Australian Securities and Investments Commission (ASIC) with respect to regulating the superannuation industry.
He signalled that the roles of the regulators with respect to superannuation would be examined later in the Royal Commission process.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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