APRA’s ‘inherent tension’ question
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.
Recommended for you
Including the superannuation sector in CSLR does not achieve the goal of shared responsibility and fairness given the root cause of the misconduct often lies elsewhere, the head of the SMSFA said.
Super funds have continued their growth streak, with the median growth fund on pace for a healthy calendar year return.
ASFA has called for targeted reforms to close the superannuation trust gap among culturally and linguistically diverse Australians.
Former ASIC and APRA leaders launch a conflict-free model to meet rising prudential expectations.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
