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Showing 141 - 150 of 1818 results for "APRA."

DII drives life insurance disputes: APRA

KARREN VERGARA  |  THURSDAY, 17 APR 2025
Disability income insurance (DII) continues to be a bugbear for the life insurance industry and is the most highly disputed product among advised, non-advised and group insurance customers, APRA statistics show. In 2024, total DII disputes reached 1987 ...

Breaches continue as Cbus confirms 'unusual behaviour'

ELIZA BAVIN  |  TUESDAY, 8 APR 2025
Cbus has confirmed it has reported to APRA an "unusually high spike in log-in attempts", impacting around 85 member accounts, which occurred several days after the cyber-attack that impacted other super funds. "At this stage of our inquiries, there ...

Cyberattacks on super funds expose 'critical vulnerability'

ANDREW MCKEAN  |  MONDAY, 7 APR 2025
The spate of cyberattacks targeting major Australian superannuation funds has laid bare a "critical vulnerability" in the sector's defences, according to financial services cybersecurity consultancy firm Software@Scale. The attacks, which have so ...

UGC's AFCA membership to cease

KARREN VERGARA  |  MONDAY, 7 APR 2025
The Australian Financial Complaints Authority (AFCA) will expel United Global Capital's (UGC) membership effective May 31. UGC, which is now in liquidation, began providing financial services, including financial advice, in 2017 to retail and sophisticated ...

TAL takes 15% stake in Challenger

KARREN VERGARA  |  MONDAY, 7 APR 2025
MS&AD Insurance Group Holdings has sold its entire 15.1% stake in Challenger to TAL. TAL, together with its parent company Dai-ichi Life Holdings, acquired the minority interest at $8.46 per share - marking a 53% premium to Challenger's closing ...

Apex wins $7bn super admin mandate

KARREN VERGARA  |  FRIDAY, 4 APR 2025
Apex Group has won a mandate to administer Diversa Trustees' $7 billion master trust business. Diversa will use Apex Superannuation going forward, part of which means utilising Iress' Acurity platform. Iress offloaded its superannuation business to ...

APRA hits ANZ with $1bn capital penalty

ELIZA BAVIN  |  THURSDAY, 3 APR 2025
The Australian Prudential Regulatory Authority (APRA) has accepted a Court Enforceable Undertaking (CEU) from ANZ to address ongoing weaknesses in the bank's non-financial risk management practices and risk culture. APRA also increased the capital add-on ...

Qantas Super, ART merger official

KARREN VERGARA  |  MONDAY, 31 MAR 2025
Qantas Super and Australian Retirement Trust (ART) officially merged on March 29. About 25,000 members with $9 billion in funds under management (FUM) have moved from Qantas Super to ART. Qantas Super chief executive Michael Clancy said: "It has been ...

APRA levy to cost $243m in FY26

KARREN VERGARA  |  FRIDAY, 28 MAR 2025
The total cost to keep APRA's enforcement activity going is set to be $243 million in the 2026 financial year, with the superannuation industry taking up about 30% of this amount. Super funds have been allocated $72.9 million to fund APRA's operations ...

Investors warned to sell hybrids before phase out

ELIZA BAVIN  |  WEDNESDAY, 26 MAR 2025
As APRA phases out hybrids, and with retail investors holding an estimated 20-30% of the $42 billion sector, Schroders fund manager Helen Mason said now is a good time for investors to consider a new income solution. Mason said the phase out of retail ...