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
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
Market volatility continued to weigh on fund returns last month, with persistent uncertainty making it difficult to pinpoint how returns will fare in April.
The Association of Superannuation Funds of Australia (ASFA) has called for the incoming government to prioritise “certainty and stability” when it comes to super policy.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
