The prudential regulator has finalised its revisions to its insurance in superannuation prudential standards and has made changes following industry consultation.
The Australian Prudential Regulation Authority’s (APRA’s) Prudential Standard SPS 250 Insurance in Superannuation (SPS 250) was due to commence on 1 July, 2022.
The finalisation of the standard fulfilled recommendations 4.14 and 4.15 of the Hayne Royal Commission and the regulator had now finalised tis response to all 10 recommendations directed to it.
APRA said the key changes made to the finalised framework included:
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.