The ability of the Australian Prudential Regulation Authority (APRA) to maintain stability in the superannuation industry may be at odds with its ability to deal with issues in the industry, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been told.
Setting the scene ahead of the Royal Commission’s hearings on the superannuation industry, counsel assisting the Royal Commission, Michael Hodge QC, pointed to an “inherent tension” confronting APRA in terms of industry stability and enforcement action.
Hodge similarly pointed to some of the overlaps and tensions with respect to the role of APRA and that of the Australian Securities and Investments Commission (ASIC) with respect to regulating the superannuation industry.
He signalled that the roles of the regulators with respect to superannuation would be examined later in the Royal Commission process.
