APRA to recommence sole purpose review
The Australian Prudential Regulation Authority (APRA) will recommence its review of the sole purpose test guidance given the Your Future, Your Super (YFYS) legislation has passed.
In answering a question on notice, APRA said it had paused the review until the legislative landscape had settled.
“Given the Government’s Your Future, Your Super (YFYS) reforms announced in the 2020/21 Federal Budget, APRA paused the review of the sole purpose test guidance until the legislative landscape had settled,” it said.
“With the recent passage of the YFYS legislation, APRA will recommence the review of the sole purpose test guidance, as part of a broader review by APRA of expenditure management guidance, and the introduction of the best financial interests duty in the YFYS reforms.”
This answer was given in respect to two questions asked by Liberal senator, Slade Brockman, which included whether the current guidance on sole purpose is insufficient. However, APRA did not directly answer that question.
Recommended for you
The super fund’s CEO has confirmed he will finish his role in 2026.
New data shows millions of Australians have little idea how their super funds have performed over the past year.
Small-business advocates have warned the government’s Payday Super timeline risks chaos without more time, cost support, and fair penalties.
Insignia Financial’s Master Trust portfolio has expanded despite net outflows, as positive markets and new product initiatives drive growth.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
