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Showing 201 - 210 of 515 results for "Powers"

Industry funds announce $26bn joint venture

KANIKA SOOD  |  WEDNESDAY, 1 MAY 2019
... superannuation fund mergers. When the final report came out in February, one of the recommendations was for APRA to be given powers to oversee stalled mergers.

Fire drills needed to meet APRA standards

ELIZABETH MCARTHUR  |  WEDNESDAY, 24 APR 2019
... strength of their systems. APRA released its new enforcement approach last week, setting out how it will use its enforcement powers to prevent and address serious prudential risks and hold entities and individuals to account. Amid this climate of tighter ...

Superannuation mergers strike oligopoly fears

KARREN VERGARA  |  TUESDAY, 23 APR 2019
... the superannuation industry will become an oligopoly like the banking sector is being fuelled by the regulators' new powers and increased funding, specifically aimed at forcing underperforming funds to merge or shut down. Of the $400 million ASIC ...

APRA to up the ante

HARRISON WORLEY  |  TUESDAY, 16 APR 2019
... harm with the use of non-formal supervisory tools. However, APRA will be more willing to use the full range of its formal powers - such as direction powers and licence conditions - to achieve prudential outcomes and deter unacceptable practices." APRA ...

APRA to boost staff numbers

HARRISON WORLEY  |  FRIDAY, 12 APR 2019
... developments such as the BEAR regime, the Royal Commission, the learnings from the CBA Inquiry - and the fact we have had new powers given to us - we plan to set out a new approach to enforcement that will see us utilising our enforcement tools more ...

APRA receives new super powers

KARREN VERGARA  |  FRIDAY, 5 APR 2019
The prudential regulator's powers have been bolstered thanks to new laws that will enable it to take tougher action on trustees and underperforming funds. The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation ...

Financial product design and distribution law passes

KARREN VERGARA  |  THURSDAY, 4 APR 2019
... civil or criminal penalties. The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Bill 2019 passed both Houses of Parliament overnight. Providers must determine the target market for financial products on ...

Protecting Your Super Package will cross finish line: Treasurer

KARREN VERGARA  |  TUESDAY, 2 APR 2019
... on. It was originally slated to take effect from 1 July 2019, together with the banning of exit fees and giving the ATO powers to oversee inactive accounts under $6000 that were introduced in last year's Budget. In terms of other new measures, the ...

Don't expect super favouritism: Bowen

HARRISON WORLEY  |  MONDAY, 1 APR 2019
... "Labor amended this bill in the Senate to make the outcomes test tougher, make director penalties higher and make APRA's powers stronger," he said. "Millions of Australians are being ripped off by underperforming accounts and we want to force these funds ...

Benchmark APRA against global counterparts: Treasury

KANIKA SOOD  |  FRIDAY, 15 MAR 2019
... the panel should take as given APRA's legislative framework, except as outlined [below] in relation to APRA's statutory powers," it said. As part of its work the panel should evaluate the extent to which the following factors support APRA to deliver ...