Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 101 - 110 of 2128 results for %22APRA%22

FRAA releases draft APRA, ASIC metrics

KARREN VERGARA  |  FRIDAY, 16 JUN 2023
The independent body tasked with reviewing the competency of APRA and ASIC has released a list of draft metrics it will use to measure the regulators against and is asking for industry feedback. The Financial Regulator Assessment Authority (FRAA) has ...

OnePath fined over MySuper bungle

JAMIE WILLIAMSON  |  WEDNESDAY, 14 JUN 2023
... Insignia Financial and OnePath Custodians will pay $1.5 million for failing to direct member contributions to a MySuper product. APRA has fined OnePath Custodians $1.46 million after it was made aware 125 default member contributions were not directed ...

Treasury mandates APRA consider climate risks in duties

RACHEL ALEMBAKIS  |  FRIDAY, 9 JUN 2023
Treasury has released an updated statement of expectations for APRA which includes the adoption of climate reporting standards by super funds, banks and insurers. "For the first time, the government is explicit in requiring the regulator to consider ...

SMSFs continue to fly solo

KARREN VERGARA  |  WEDNESDAY, 7 JUN 2023
... to rules and regulation. In the next 12 months, about 20% are likely to seek the help of an adviser. At the end of March, APRA counted 606,217 active SMSFs, up nearly 10 % from the prior quarter. The survey also found that 30% of trustees under the age ...

Heatmaps drive efficiencies, more consolidation: Cole

CHLOE WALKER  |  FRIDAY, 2 JUN 2023
... should be consolidating with others that can deliver a better outcome. "We still have a landscape in super where we have 118 APRA regulated super funds as at 30th June 2022," Cole said. "A small number of those, or the top 10, have roughly 50% of members ...

APRA probes super fund payments to unions

ANDREW MCKEAN  |  THURSDAY, 1 JUN 2023
During a Senate Economics Committee session yesterday, it was revealed that APRA is investigating the financial relationships between superannuation funds and unions. APRA deputy chair Margaret Cole confirmed the regulator's ongoing scrutiny into certain ...

Bank of Queensland slapped with EU

CASSANDRA BALDINI  |  WEDNESDAY, 31 MAY 2023
APRA and AUSTRAC have agreed to a court enforceable undertaking (CEU) following weakness in the bank's risk management and money laundering controls. APRA said it's acted following several beaches or its prudential standards and a review that ...

No regrets: Hayne reflects on Royal Commission

KARREN VERGARA  |  TUESDAY, 30 MAY 2023
... business. Mandating Target Market Determinations and Direct Distribution Obligations, and instilling more powers into ASIC and APRA, were some of the effects. The fallout also included the near decimation of the financial advice sector, which saw the ...

Treasury proposes upping supervisory levies

ANDREW MCKEAN  |  FRIDAY, 26 MAY 2023
... the Financial Institutions Supervisory Levies for the 2023-24 financial year, including a $7.2 million budgetary boost for APRA. Treasury papers revealed the total funding required under the levies in 2023-24 for all relevant Commonwealth agencies is ...

MySuper inches to $1tn

KARREN VERGARA  |  WEDNESDAY, 24 MAY 2023
... year to March saw MySuper assets grow 5.1% to surpass the previous high reached in December 2021 of $947 billion, the latest APRA statistics show. The total superannuation asset pool hit $3.5 trillion, increasing steadily at 1.1% year on year. Contribution ...