Recommendation 3.9 – Extending the Banking Executive Accountability Regime (BEAR) to RSE licensees Recommendation 4.12 – Extending the BEAR to APRA‑regulated insurers Recommendation 6.6 – Joint administration of the BEAR Recommendation 6.7 – Statutory amendments to facilitate co‑regulation Recommendation 6.8 Read More …
Tag: licensee
4.15 — Status attribution to be fair and reasonable
APRA should amend Prudential Standard SPS 250 to require RSE licensees to be satisfied that the rules by which a particular status is attributed to a member in connection with insurance are fair and reasonable. Government Response The Government supports Read More …
3.9 — Accountability regime
Over time, provisions modelled on the BEAR should be extended to all RSE licensees, as referred to in Recommendation 6.8. Government Response The Government agrees to this recommendation, consistent with the Government’s response to Recommendation 6.6 about the extension of Read More …
ASIC Enforcement Review Taskforce Government Response
Recommendation 7.2 – Implementation of recommendations The recommendations of the ASIC Enforcement Review Taskforce made in December 2017 that relate to self-reporting of contraventions by financial services and credit licensees should be carried into effect.
Superannuation: Conduct regulation
Recommendation 6.3 – General principles for co-regulation The roles of APRA and ASIC in relation to superannuation should be adjusted to accord with the general principles that: APRA, as the prudential regulator for superannuation, is responsible for establishing and enforcing Read More …
Group life policies
Recommendation 4.13 – Universal terms review Treasury, in consultation with industry, should determine the practicability, and likely pricing effects, of legislating universal key definitions, terms and exclusions for default MySuper group life policies. Recommendation 4.14 – Additional scrutiny for related Read More …
Superannuation
The Commission explored issues relating to the superannuation industry in Round 5 of its public hearings, held in Melbourne from 6 August–17 August 2018. The Commission’s consideration of the superannuation industry focused on how registerable superannuation entity (RSE) licensees fulfil Read More …
15.2 APRA
APRA is Australia’s prudential regulator, with responsibility for banking, insurance and superannuation.[1] Among other things, it regulates RSE licensees and has the general administration of important parts of the SIS Act.[2] Helen Rowell, Deputy Chairman of APRA, told that Commission Read More …
12.1 Background
Both IOOF and ANZ have subsidiaries that are RSE licensees. These RSE licensees operate ‘platforms’ for members of their superannuation funds. These ‘platforms’ let members choose where to invest their superannuation funds from a menu provided by the RSE licensee. Read More …
11.1 Background
In three case studies, the Commission looked at issues about management and expenditure of superannuation trust moneys. AustralianSuper Pty Ltd (AustralianSuper) is the RSE licensee for the AustralianSuper Fund. The AustralianSuper Fund has approximately $140 billion in funds under management[1] Read More …