The Government confirmed its pre-Budget announcements on increased funding to both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
The Budget documents said the Government was enhancing ASIC’s and APRA’s effectiveness, providing more than $550 million “so they have the necessary resources to discharge their expanded remit and address misconduct”.
The Government will provide more than $400 million to ASIC including:
It said the government wouldl increase APRA’s budget by $152 million to strengthen its supervisory and enforcement activities.
“$117 million of this funding will support APRA’s response to key areas of concern raised by the Royal Commission, including with respect to governance, culture and remuneration,” it said.
“The Government is also providing $7.7 million to establish an independent Financial Regulator Oversight Authority to report on ASIC’s and APRA’s effectiveness.”
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
Add new comment