APRA/ASIC ‘engage’ super funds over adviser relationships

APRA/superannuation/ASIC/financial-advisers/australian-prudential-regulation-authority/australian-securities-and-investments-commission/superannuation-funds/super-funds/superannuation-accounts/

31 January 2020
| By Mike |
image
image
expand image

The Australian Prudential Regulation Authority (APRA) has confirmed that a number of superannuation funds have been “engaged” over payments to third parties such as financial advisers.

The regulator revealed the engagement as part of its outline of its supervisory priorities for 2020, noting that it was area of joint supervisory focus with the Australian Securities and Investments Commission (ASIC).

It said that during 2019 both APRA and ASIC had required all trustees to review the robustness of their existing governance and assurance arrangements for fees charged to members’ superannuation accounts.

“APRA and ASIC are engaging with individual trustees on the outcomes of their reviews, ensuring that trustees have credible plans for addressing identified weaknesses in a timely manner,” APRA said. “Industry-level findings will be made public in the first half of 2020.”

APRA said conflicts of interest was another key area of supervisory focus for it in 2020 and that it had begun an “in-depth review of selected large trustees’ management of outsourcing providers, focusing on related party arrangements and managing conflicts of interest”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 6 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 4 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 3 days ago

TOP PERFORMING FUNDS