Measures to strengthen financial regulators – Executive Accountability regime

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 …

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 …

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 …

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 …