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While individual disability income insurance products recorded a loss of $0.3 billion over the year to end March, 2021, this was a $1.1 billion improvement on last year’s figures, according to data.
Super funds have been warned by the Australian Prudential Regulation Authority that a single serious accusation of misconduct when it comes to risk management is a prudential issue.
A Parliamentary Committee has found that the Hayne Royal Commission failed to adequately scrutinise industry superannuation fund structures and the Australian Prudential Regulation Authority has also fallen short, according to a Liberal member of that committee.