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 number of guidance-related matters that were raised in submissions during this consultation.
The 10 draft PPGs include practical guidance on matters that a registrable superannuation entity licensee (RSE licensee) may consider to assist it in meeting the requirements in APRA’s prudential standards. APRA has drafted the superannuation PPGs to align where appropriate with guidance in other APRA-regulated industries.
APRA Deputy Chairman Ross Jones said that the draft PPGs will assist in the implementation of APRA’s prudential standards and help strengthen the superannuation system.
‘This guidance will not only provide practical support to RSE licensees in meeting the requirements of the prudential standards, but will also encourage the further development of good practice,’ Mr Jones said.
The 10 draft PPGs released today focus on areas APRA considers to be most important for MySuper authorisation and also include draft PPGs that relate to core elements of the prudential framework.