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APRA to reign in funds on performance, valuations

APRA to reign in funds on performance, valuations By Sarah Kendell 02 August 2021 The prudential regulator has written to super trustees outlining its areas of focus for compliance under the Your Future, Your Super reforms, with fund performance, asset valuations and trustee expenditure top of the list. In a communication to trustees on Friday, the prudential regulator said it would soon undertake the first performance test for MySuper funds required under the legislation – which commenced from 1 July – and notify funds of their results by 31 August. “Following the first round of assessments under the performance test, APRA will engage with [funds] considered to be at material risk of failing the test a second time to understand their plans to improve performance, and their contingency plans to deal with the implications of potentially failing the test again,” APRA said. 

Court finds former superannuation trustee Tidswell Financial Services failed to act efficiently, honestly and fairly

Date Time Court finds former superannuation trustee Tidswell Financial Services failed to act efficiently, honestly and fairly On 27 July 2021, the Federal Court made declarations that Tidswell Financial Services Ltd (Tidswell), failed to act efficiently, honestly and fairly when providing financial services. The Court found that between 30 November 2016 and 14 February 2018, while it was a superannuation trustee, Tidswell: failed to adequately monitor MobiSuper Pty Ltd (Mobi), the promoter one of its superannuation sub-funds, to ensure business model risks were addressed, including prevention of false or misleading representations and the risk of giving unauthorised personal advice; and failed to comply with Prudential Standard SPS 231 Outsourcing as issued by the Australian Prudential Regulation Authority (APRA).

Court finds former super trustee failed to act honestly and fairly

Court finds former super trustee failed to act honestly and fairly
investordaily.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investordaily.com.au Daily Mail and Mail on Sunday newspapers.

APRA announces further regulatory support for loans impacted by COVID-19

APRA announces further regulatory support for loans impacted by COVID-19
miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.

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