APRA

Superannuation

Which super funds pay their directors six figure salaries?

Nine superannuation funds, three of which are not for profits, are paying their trustee directors average six figure fees, according to data published by the Australian P...

Policy & Regulation

AFA wants greater oversight of ASIC funding

The funding of consumer submissions by the Australian Securities and Investments Commission’s Consumer Advisory Panel warrants greater scrutiny of the regulator and its a...

Superannuation

APRA confirms how early release surprised super funds

The chair of the Australian Prudential Regulation Authority has confirmed how the Government turned super guarantee inflows into outflows. ...

Financial planning

Westpac enters court enforceable undertaking

The court enforceable undertaking for its risk governance deficiencies indicates the severity of the bank’s lack of ability to remediate its weaknesses, according to the ...

Superannuation

APRA confirms super early release did impact super fund liquidity

Some superannuation funds have been confirmed as having faced a liquidity squeeze as a result of the Government’s early release superannuation regime while some members l...

Policy & Regulation

Have industry funds confounded APRA on political donations?

The Australian Prudential Regulation Authority has admitted that the structures surrounding Industry Super Australia and Industry Fund Services have precluded it finding ...

Superannuation

APRA warned on RG97 transitions skewing heatmaps

The differing transition timetables of superannuation funds to the new RG97 regime risks skewing the Australian Prudential Regulation Authority’s performance heatmaps....

Superannuation

Scale the key to SMSF costs and efficiency

Self-managed superannuation funds have become more competitive with Australian Prudential Regulation Authority regulated funds over the past seven years but having a soli...

Financial planning

CBA’s operational risk capital add-on reduced by $500m

As an acknowledgement of the “substantial progress” the bank has made on its remedial action plan to improve its risk management capability, the Australian Prudential Reg...

Policy & Regulation

Frydenberg’s tough message to regulators – you have enough powers

The Federal Treasurer has sent a tough message to the financial services regulators that they have enough powers and that they are there to deliver on Government policy, ...

Life/Risk

APRA corrects ALP on benefits of group over advised TPD

A Federal Opposition frontbencher has been warned against misinterpreting Australian Prudential Regulation Authority data to suggest that group TPD insurance delivers bet...

Policy & Regulation

ASIC reaches into super trying to couple DDO with member outcomes

Superannuation funds are being subjected to more scrutiny from the corporate regulator over how they deliver insurance inside super to members at the same time as the reg...

Superannuation

Industry fund declares clean hands on investment switching

Faced by suggestions of an investigation by the Australian Securities and Investments Commission, industry fund NGS Super has declared clean hands on investment switching...

Superannuation

Fees – how the Govt gave with one hand and took with the other

The savings generated by innovations such as Superstream and new technology have been offset by the costs of increased regulation, according to evidence given to a Parlia...

Policy & Regulation

Fraudulent investment business owner charged and arrested

Matthew Beresford has been charged and arrested, and the funds and websites of Maxwell Financial Services and Asset Capital Holdings have been frozen....