Don’t over-empower regulator – ASFA

superannuation-funds/APRA/ASFA/australian-prudential-regulation-authority/superannuation-industry/australian-taxation-office/government/treasury/

27 June 2007
| By Mike Taylor |

The Association of Superannuation Funds of Australia (ASFA) has expressed deep concern at Government proposals to significantly add to the powers of the Australian Prudential Regulation Authority (APRA) without explanation.

In a submission to the Treasury this week, ASFA called for further examination of the issues and consultation with the industry before the Government moves ahead with further empowering APRA.

ASFA’s concerns relate to proposals to remove the need for ministerial consent with respect to APRA decisions for a number of actions under the Superannuation Industry (Supervision) Act, including the cancellation of Registered Superannuation Entity licences, the removal of trustees and the freezing of assets.

ASFA warns that this change would enable APRA or the Australian Taxation Office in respect of self managed superannuation funds to stop a superannuation entity from operating without the requirement of written consent from the minister.

It said that ministerial consent provided a final check on APRA before it made a very important decision, with the minister offering a “sober second thought” before an important decision was taken.

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?...

2 months 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 4 weeks ago

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

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 5 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND