The prudential regulator has finalised its revisions to its insurance in superannuation prudential standards and has made changes following industry consultation.
The Australian Prudential Regulation Authority’s (APRA’s) Prudential Standard SPS 250 Insurance in Superannuation (SPS 250) was due to commence on 1 July, 2022.
The finalisation of the standard fulfilled recommendations 4.14 and 4.15 of the Hayne Royal Commission and the regulator had now finalised tis response to all 10 recommendations directed to it.
APRA said the key changes made to the finalised framework included:
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A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
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