POWERED BY MOMENTUM MEDIA
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
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
