Former retail fund staffers more dominant within APRA
While many financial advisers have indicated they believe the financial services regulators have been too much favourably influenced by industry superannuation funds, the Australian Prudential Regulation Authority (APRA) has revealed it is likely to be more influenced by retail funds experience.
Answering questions on notice from the House of Representatives Standing Committee on Economics, APRA revealed it had employed significantly more former retail fund employees than those who had worked for an industry fund.
The regulator said that it had 87 staff who could boast having worked in the superannuation fund sector, which it had come to this conclusion as a result of having to survey staff after having been asked the question by the Parliamentary Committee.
Of those 87 staff members it said 55 had worked for a retail fund, eight had worked for an industry fund and five had worked for both retail and industry funds.
It said that 19 staffers had worked for more than one type of fund.
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