Page 16 - Prudential Standard News Today : Breaking News, Live Updates & Top Stories | Vimarsana

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 o...

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 preventio...

Industry fund ad blitz under the microscope Industry fund ad blitz under the microscope The prudential regulator has confirmed it’s conducting an investigation into how super funds justify promotional spending as being in member best interests, following sharp criticism from Liberal backbenchers around industry fund advertising and media deals. A A Addressing the Conference of Major Superannuation Funds on Wednesday, APRA deputy chair Helen Rowell said the prudential regulator was currently conducting a review of trustee promotional spending and how this was contributing to member outcomes....

Industry fund advertising in APRA’s sights By Sarah Kendell 19 May 2021 The prudential regulator has confirmed it’s conducting an investigation into how super funds justify promotional spending as being in member best interests, following sharp criticism from Liberal backbenchers around industry fund advertising and media deals. Addressing the Conference of Major Superannuation Funds on Wednesday, APRA deputy chair Helen Rowell said the prudential regulator was currently conducting a review of trustee promotional spending...

Date Time APRA releases consultation to enhance oversight of life reinsurance market The Australian Prudential Regulation Authority (APRA) has released for consultation a package designed to address concerns regarding the increased use of offshore reinsurers by life insurers. These concerns are particularly heightened in relation to the group risk market, which plays an important role in Australia’s superannuation system. The proposed updates to Prudential Standard LPS 117 Capital Adequacy: Asset Concentration Risk Charge (LPS 117) will impose an aggregate limit on the exposure of life insu...