APRA failing on sole purpose test says Bragg
The Australian Prudential Regulation Authority (APRA) is being accused of failing to adequately enforce the sole purpose test on some industry funds which are funding the publication of The New Daily.
NSW Liberal Senator, Andrew Bragg, has continued to point to the fact that The New Daily publication is being funded by industry funds and has suggested that the regulator’s failure to enforce the sole purpose test with respect to the funding is “a joke”.
He described The New Daily as a “boondoggle” and a “propaganda outfit” and something which represented a clear breach of the sole purpose test.
Bragg’s attack on The New Daily and its funding follow efforts by the chairman of the House of Representatives Standing Committee on Economics, Tim Wilson, to extract details of the manner in which The New Daily was funded.
However, Industry Super Holdings claimed the information was confidential and that the organisation contributed capital to The New Daily “as required”.
Recommended for you
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
