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:
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Add new comment