APRA backs dedicated super division

While the Federal Government opted to close down the separately-mandated Superannuation Complaints Tribunal (SCT), the Australian Prudential Regulation Authority (APRA) has signalled it is prepared to establish a separate division to cover regulation of superannuation.

In its formal response to the Government-initiated APRA capability review, the regulator signalled its agreement to a recommendation that it create “a Superannuation Division, headed by an Executive General Manager”, which would have a key focus of monitoring the overall performance of the superannuation system for members.

APRA said it supported the recommendation which would be implemented as part of an organisation restructure.

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The regulator also signalled its acceptance of the review’s recommendation that it “embed and reinforce its increasing focus on member outcomes, including publishing objective benchmarks on product performance and developing a superannuation performance tool to replace PAIRs [Probability and Impact Rating System] by the end of this year”.

APRA said its work on performance benchmarking and data collection would be a priority.

The regulator also agreed that its member outcomes mandate should be more explicit and supported this occurring via the Government issuing a Statement of Expectations.

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