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APRA scrutinising 'material shortcomings'
The Australian Prudential Regulation Authority (APRA) has signalled it would like to have a directions power over the superannuation industry, similar to that it employs with respect to banks and other financial institutions.
APRA's desire for more powers came at the same time as it revealed that three or four superannuation fund trustees were the subject of oversight by the regulator for "material shortcomings"
It said those shortcomings related to governance and conflict management and weaknesses in risk management standards and controls.
APRA's desire for the directions power were revealed to Senate Estimates, with APRA deputy chair, Helen Rowell confirming under questioning that the regulator believed a strengthening of its powers in key areas would be useful.
She said that, in particular, the introduction of a broader directions power such as it had over other industries would help, alongside powers to approve changes of ownership.
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TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
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2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
As advisers on superannuation strategies and products, we need to know which funds are being investigated for shortcomings don't we? Even if we just put a watch on them and wait until the investigations are complete, shouldn't we have immediate access to this information?