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APRA denies ‘waving through’ MySuper applicants
The Australian Prudential Regulation Authority (APRA) has denied media suggestions that it has simply been waving through MySuper authorisations.
APRA member Helen Rowell told the Conference of Major Superannuation Funds this week that such suggestions were completely wrong and that any examination of the facts would reveal that the regulator had, in fact, rejected a number of applications.
"We did not wave them through and, in fact, many were withdrawn when we pointed out issues," she said.
Rowell said that in a number of instances those applications which were withdrawn were not resubmitted.
However she said it was a measure of APRA's approach to working with MySuper applicants that those applications which were approved and those which were withdrawn and resubmitted were of a generally very high standard.
Rowell said that APRA would now be closely monitoring the implementation of the MySuper products it had approved and would be expecting trustees to deliver on their undertakings.
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