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Showing 11 - 20 of 79 results for "SPS"

Super spending calls BFID compliance into question

JAMIE WILLIAMSON  |  TUESDAY, 24 JUN 2025
... demonstrated a general lack of robust governance and oversight of fund expenditure, including decisions and frameworks not aligned to SPS 515, it said. APRA said better frameworks integrated proactive management of potential risks associated with expenditure ...

Trustee valuation processes 'concerning': APRA review

JAMIE WILLIAMSON  |  TUESDAY, 17 DEC 2024
... values in the process. APRA has released the findings of its thematic review of trustees' implementation of Prudential Standard SPS 530 Investment Governance, which was updated in January 2023. The review involved assessing detailed responses and data ...

Cbus lacks stringent director, expenditure policies: Deloitte

JAMIE WILLIAMSON  |  WEDNESDAY, 4 DEC 2024
... Further, Deloitte noted that Cbus' Fit and Proper Policy, which it designed to meet the requirements of Prudential Standard SPS 520, requires an annual declaration by board members that they: Have not been disqualified from acting as a trustee, officer ...

BUSSQ fights back against regulatory imposition

ANDREW MCKEAN  |  MONDAY, 26 AUG 2024
... month, requiring both funds to engage an independent expert to conduct a review their compliance with Prudential Standard SPS 520 Fit and Proper, as well as their adherence to the duty to act in the best financial interests of beneficiaries when making ...

APRA reprimands Cbus, BUSSQ over governance issues

ANDREW MCKEAN  |  WEDNESDAY, 14 AUG 2024
... Cbus' trustee, United Super, and BUSSQ bring in an independent expert to investigate their compliance with Prudential Standard SPS 520 Fit and Proper, which sets out requirements in relation to assessing the fitness and propriety of "responsible ...

APRA heightens expectations around trustees' spending

JAMIE WILLIAMSON  |  THURSDAY, 4 JUL 2024
... clearer focus on superannuation members' interests when it comes to fund expenditure. The regulator updated Prudential Standard SPS 515 Strategic Planning and Member Outcomes and its related guidance to "ensure members' interests are front-and-centre ...

Trustee boards fail to challenge unlisted valuations: APRA

JAMIE WILLIAMSON  |  THURSDAY, 20 JUN 2024
... also found that some RSEs were not valuing their unlisted assets at least quarterly, as required under Prudential Standard SPS 530 Investment Governance. This was the case particularly for private equity holdings, with 14 RSEs failing to review their ...

APRA hits Mercer with additional licence conditions

ELIZA BAVIN  |  TUESDAY, 28 MAY 2024
... trustee, which included a review in October 2023. Mercer subsequently acknowledged significant breaches of prudential standards SPS 220 Risk Management (SPS 220), SPS 231 Outsourcing (SPS 231) and SPS 232 Business Continuity Management (SPS 232). Under ...

APRA proposes updated operational risk financial requirements

ANDREW MCKEAN  |  TUESDAY, 20 FEB 2024
... discussion paper on potential changes to operational risk financial requirements which are set out in Prudential Standard SPS 114 Operational Risk Financial Requirement (ORFR). The essence of the revisions was to ensure RSE licensees can better access ...

Unlisted asset valuation practices under review

JAMIE WILLIAMSON  |  THURSDAY, 1 FEB 2024
... to educate the broad market about these dimensions would be very useful." Elsewhere, APRA expects to finalise the updated SPS 515 Strategic Planning and Member Outcomes guidance in the coming months and will also review RSE licensees' self-assessments ...