POWERED BY MOMENTUM MEDIA
APRA tightens regulations on Fiducian over data accuracy concerns
In a statement on Monday, the prudential regulator said it has imposed additional licence conditions on Fiducian Portfolio Services Limited to address data accuracy and completeness concerns ahead of the annual superannuation performance test, affecting its management of Fiducian Superannuation Service with 8,770 members and $2.57 billion in assets.
The regulator said that the action comes after issues were identified with the accuracy and completeness of data submitted previously, which, it said, raised concerns about FPSL’s ability to identify, assess, monitor, and submit accurate data.
Under the terms of the new licence conditions, which came into force from 15 July 2024, FPSL must:
- Take reasonable steps to ensure that an expert completes a review of the accuracy and completeness of data submitted ahead of the 2024 performance test.
- Develop and implement a remediation plan, to be approved by APRA, to address any recommendations or areas of concern identified by the expert.
- Provide APRA with an attestation regarding the accuracy of data and governance processes for data submissions.
“APRA places a high degree of reliance on the quality and accuracy of the data we receive to drive greater transparency of the industry and strengthen the accountability of trustees to act in the best financial interests of their members,” said APRA deputy chair Margaret Cole.
“This includes the data submitted for the annual performance test, a powerful tool used by APRA to hold trustees to account for fund performance, fees and costs.”
She said that all trustees “must have the necessary systems and controls in place to provide accurate data to APRA”.
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
