The prudential regulator has proposed that superannuation funds complete a stress testing program annually after finding it, along with valuation and liquidity management practices, needed improvement.
The Australian Prudential Regulation Authority (APRA) released its revised standard on investment governance practices for consultation that identified enhancement opportunities.
It said some registrable superannuation entity (RSE) licensees lacked formal stress testing processes, and in some cases, results were not incorporated into the investment decision making process.
APRA proposed that an RSE licensee’s comprehensive stress testing program must be completed at least annually, and include at a minimum:
APRA also proposed additional requirements to enhance RSE licensee valuation governance practices including:
On liquidity management plans, APRA proposed it must:
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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.
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