The Australian Prudential Regulation Authority (APRA) has signalled it would like to have a directions power over the superannuation industry, similar to that it employs with respect to banks and other financial institutions.
APRA's desire for more powers came at the same time as it revealed that three or four superannuation fund trustees were the subject of oversight by the regulator for "material shortcomings"
It said those shortcomings related to governance and conflict management and weaknesses in risk management standards and controls.
APRA's desire for the directions power were revealed to Senate Estimates, with APRA deputy chair, Helen Rowell confirming under questioning that the regulator believed a strengthening of its powers in key areas would be useful.
She said that, in particular, the introduction of a broader directions power such as it had over other industries would help, alongside powers to approve changes of ownership.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
As advisers on superannuation strategies and products, we need to know which funds are being investigated for shortcomings don't we? Even if we just put a watch on them and wait until the investigations are complete, shouldn't we have immediate access to this information?
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