The Australian Prudential Regulation Authority (APRA) has released for consultation a discussion paper and 10 draft prudential practice guides (PPGs) for the superannuation industry. This year APRA has consulted extensively with industry and other stakeholders during the development of its prudential standards for superannuation and the MySuper authorisation process. The material released today responds to a [...]
continue reading05
Dec
2012
Insurance prices offered through superannuation funds and corporate schemes are now under great pressure, according to two independent sources. Trends in the past two years have seen increased claims experience and this has resulted in upward price pressure especially on life insurance-related products. As an indicator of this wider experience the latest Australian Prudential Regulation [...]
continue readingIn response to the increasing complexity and risks in superannuation, the Actuaries Institute has publically released its professional guidance in relation to Financial Condition Reports (FCRs) for superannuation funds. The development of FCRs anticipates APRA’s intention to bring the prudential regulation of superannuation funds to the same standard as APRA applies to insurers. FCRs are a [...]
continue readingThe Australian Prudential Regulation Authority (APRA) today released its September 2012 Quarterly Superannuation Performance publication. Total estimated assets, which include the assets of self-managed superannuation funds and the balance of life office statutory funds, rose by $168.4 billion (13.0 per cent) to $1.46 trillion over the 12 months to 30 September 2012, taking into account [...]
continue readingThe Australian Prudential Regulation Authority (APRA) has released for public consultation its draft guidance SPG 410 MySuper Transition. The guidance is intended to assist registerable superannuation entity (RSE) licensees to meet their obligations under Prudential Standard SPS 410 MySuper Transition which was released as a final draft on 3 October 2012. SPS 410 sets out [...]
continue readingThe Australian Taxation Office (ATO) is the right regulatory body to oversee the self managed super fund sector, says SMSF Professionals’ Association of Australia (SPAA) CEO Andrea Slattery. Mrs Slattery says: “All the evidence suggests that the ATO does an excellent job regulating this sector, and calls for SMSFs to come under the umbrella of [...]
continue readingThe Australian Prudential Regulation Authority (APRA) has released for consultation a discussion paper outlining its proposed revised reporting requirements for APRA-regulated superannuation funds. The consultation package includes 31 draft reporting forms and instructions. APRA’s proposed reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the proposals APRA previously consulted [...]
continue readingThe Financial Services Council’s Bond Report released today shows contributions to APRA regulated superannuation funds in the 2011-12 financial year recorded their strongest growth since before the global financial crisis. Total contributions in 2011-12 were $85.9 billion up by $5.8 billion or 7.3 per cent on the prior financial year. Chief economist of the Financial [...]
continue readingThe Australian Prudential Regulation Authority (APRA) today released its June 2012 Quarterly Superannuation Performance publication. Total estimated assets, which includes the assets of self-managed superannuation funds and the balance of life office statutory funds, rose by $49.6 billion (3.7 per cent) to $1.40 trillion over the 12 months to 30 June 2012, taking into account [...]
continue reading01
Aug
2012
Self-managed super fund (SMSF) trustees have fewer avenues of recourse against fraud and theft compared with trustees of the Australian Prudential Regulation Authority (APRA) regulated super funds. Prudential supervision APRA-regulated super funds are subject to prudential regulation. SMSFs are not prudentially regulated but are subject to compliance-based regulation by us, with the focus on compliance [...]
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