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Showing 131 - 140 of 2133 results for "APRA"

Superannuation market defies capital market chaos

ANDREW MCKEAN  |  MONDAY, 24 APR 2023
Australia's superannuation sector is flourishing, with APRA reporting a record-breaking $163 billion in contributions for 2021-22. This growth was driven by a 9% uptick in employer contributions and a 23% increase in member contributions. Rainmaker ...

ATO keeping tabs on SMSF early access, tax avoidance

KARREN VERGARA  |  FRIDAY, 21 APR 2023
... they go on to withdraw their super before they are legally entitled to," he said. "Once the money is rolled over from their APRA fund and then withdrawn from the SMSF bank account, these members abandon the fund and never lodge a return." This trend ...

Superannuation changes limit tax benefits for top earners: ASFA

ANDREW MCKEAN  |  FRIDAY, 21 APR 2023
... risk and providing coverage to a broader range of members, especially those who are most in need in Australia. According to APRA statistics, in 2021, approximately 8.6 million Australians had death cover, while around 7.7 million had total permanent ...

APRA consults on approach to combining product histories

JAMIE WILLIAMSON  |  THURSDAY, 20 APR 2023
APRA is consulting on the need for it to make individual determinations for lifecycle MySuper products for which performance histories are required to be combined for the YFYS test. Currently, the performance test involves two situations where performance ...

TAL, AIA dominate group life market

ANDREW MCKEAN  |  WEDNESDAY, 19 APR 2023
According to the latest data on life insurance claims and disputes from APRA and ASIC, TAL is the largest player in the group insurance sector in Australia. TAL leads the life insurance market, boasting a 40.4% market share, insuring 3.9 million lives ...

APRA defers CPS 230 introduction

JAMIE WILLIAMSON  |  THURSDAY, 13 APR 2023
APRA is pushing back the implementation of its new operational risk management standard following industry feedback. Prudential Standard CPS 230 Operational Risk Management (CPS 230) was initially intended to take effect 1 January 2024 but will now ...

YFYS recommendations not enough: AIST

JAMIE WILLIAMSON  |  THURSDAY, 6 APR 2023
... products from this year broadens the scope of scrutiny, it was not unexpected and falls short of our position that that all APRA-regulated accumulation products should be tested, including poorly performing Choice products. "Without this, the members ...

Consumer interests prioritised in YFYS review

ANDREW MCKEAN  |  WEDNESDAY, 5 APR 2023
... remain "shielded" from assessment, including all products in the deaccumulation phase. ISA called on the government to test al APRA regulated funds, including those in the retirement phase. "All members deserve to know if their fund is a dud, including ...

APRA investigates NobleOak capital adequacy breach

KARREN VERGARA  |  FRIDAY, 31 MAR 2023
The prudential regulator is taking action against NobleOak Life for breaching its capital adequacy obligations. APRA said this morning that it will investigate the ASX-listed company's compliance process that led to breaches of capital adequacy requirements ...

Retail super fund pulls the plug

ANDREW MCKEAN  |  WEDNESDAY, 29 MAR 2023
... said: "Elevate needs to raise FUM and revenue very quickly to survive a competitive landscape. With the regulator's [APRA's] rhetoric focusing on less funds in the marketplace rather than more funds, it is a brave time to launch a new personal product." ...