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Showing 11 - 20 of 61 results for "SPS"

APRA proposes safeguards against risk events in super

ANDREW MCKEAN  |  TUESDAY, 15 NOV 2022
APRA has proposed to replace the existing Prudential Standard SPS 114 Operational Risk Financial Requirement (SPS 114) with enhanced obligations for trustees, to improve how they manage financial resources to protect fund members from poor operational ...

APRA proposes changes to successor fund transfers

ANDREW MCKEAN  |  FRIDAY, 11 NOV 2022
... point to this achieving better outcomes for members." As such, APRA intends to introduce requirements in Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) to ensure all RSE licensees are appropriately prepared to transfer ...

APRA unmasks fund outsourcing impacts

ANDREW MCKEAN  |  THURSDAY, 6 OCT 2022
... money, trustees' measurement and monitoring of service providers' performance and trustees' oversight of service providers. SPS 231 requires that trustees undertake a tender or other selection process when choosing or renewing arrangements with service ...

MobiSuper, licensee to pay $250k penalty

JAMIE WILLIAMSON  |  MONDAY, 29 AUG 2022
... trustee, failed to adequately monitor MobiSuper in regard to the same issues, and failed to comply with Prudential Standard SPS 231 Outsourcing. Tidswell's RSE licence was cancelled in June 2021. ASIC first launched its action against Tidswell, MobiSuper ...

APRA to improve strategic planning, member outcomes rules

JAMIE WILLIAMSON  |  MONDAY, 1 AUG 2022
... closer monitoring of financial resources and new rules to follow when a MySuper authorisation is cancelled. Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) came into effect in January 2020, requiring trustees to regularly ...

APRA consults on new operational risk standards

JAMIE WILLIAMSON  |  FRIDAY, 29 JUL 2022
... replace five existing standards, being CPS 231 Outsourcing and CPS 232 Business Continuity Management, superannuation standards SPS 231 and SPS 232, and private health insurance standard HPS 231. The standards come in response to changing business models ...

New guidance to improve super funds' understanding of ESG risks

JAMIE WILLIAMSON  |  TUESDAY, 19 JUL 2022
... investment strategy. Responding to submissions to its consultation process for strengthening investment governance standards (SPS 530), the prudential regulator said several submissions contained requests for detailed guidance on managing risks associated ...

Regulators release crypto, cyber security roadmaps

CHLOE WALKER  |  THURSDAY, 21 APR 2022
... addition, APRA stated that the principles and requirements of Prudential Standard CPS 231 Outsourcing or Prudential Standard SPS 231 Outsourcing should be considered when relying on a third party in conducting activities involving crypto assets. "Entities ...

LGIAsuper expands leadership as acquisition completes

JAMIE WILLIAMSON  |  FRIDAY, 1 APR 2022
LGIAsuper has finalised its acquisition of Suncorp's superannuation business, adding to its executive team in the process. The acquisition of Suncorp Portfolio Services Limited, which is the first of its kind in the Australian superannuation market ...

APRA to continue scrutiny of trustees

JAMIE WILLIAMSON  |  WEDNESDAY, 2 FEB 2022
... requirements to apply from 2023 in the event of cancellation of an authority to offer a MySuper product, it said. Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) and associated guidance will also be reviewed this year in ...