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Showing 501 - 510 of 1822 results for "APRA."

Cbus to create rainy day fund to cover fines

ELIZABETH MCARTHUR  |  THURSDAY, 11 NOV 2021
Despite not currently facing any fines or penalties, Cbus has made a request to the Supreme Court for permission to change its rules to create a special pool of capital to pay any future fines. Following changes to the Superannuation Industry (Supervision) ...

Test-induced movement marginal: Data

JAMIE WILLIAMSON  |  WEDNESDAY, 10 NOV 2021
Only a handful of Aussies whose super fund failed the inaugural performance test have taken action and closed their accounts, according to APRA. Analysis by the prudential regulator shows that of the one million member accounts in products that failed ...

APRA to disclose MySuper product YFYS test values

JAMIE WILLIAMSON  |  THURSDAY, 4 NOV 2021
In updating its frequently asked questions (FAQs) on the Your Future, Your Super performance test, APRA has confirmed it will publish each MySuper products' test value in the December heatmap. APRA said it intends to publish the performance test ...

Major legislations hit parliament

KARREN VERGARA  |  FRIDAY, 29 OCT 2021
Two major pieces of legislation have been introduced in parliament, including the Compensation Scheme of Last Resort. The scheme facilitates the reimbursement of up to $150,000 to compensate consumers affected by bad personal advice, credit intermediation ...

APRA to weed out underperforming choice products

KARREN VERGARA  |  FRIDAY, 29 OCT 2021
Choice products charge significantly higher and tend to underperform compared to MySuper options, new analysis by APRA finds. Ahead of unveiling the inaugural Choice Product Heatmap, the prudential regulator released staggering statistics that will ...

Unlisted asset valuation processes largely inadequate: APRA

JAMIE WILLIAMSON  |  WEDNESDAY, 27 OCT 2021
In reviewing decisions made by super funds in relation to unlisted assets early last year, APRA has found an overreliance on external parties like fund managers and asset consultants by some, possibly to the detriment of members. It also found instances ...

BOQ divests St Andrew's Insurance

KARREN VERGARA  |  WEDNESDAY, 27 OCT 2021
Bank of Queensland will offload St Andrew's Insurance for $23 million after receiving approval from APRA. BOQ announced on 14 October 2020 that it entered into an agreement with Farmcove Investment Holdings to sell St Andrew's subject to APRA's ...

No proof of member benefit: APRA on super fund spends

JAMIE WILLIAMSON  |  TUESDAY, 26 OCT 2021
APRA has found instances of expenditure by superannuation funds that does not meet the best financial interests of members, including sponsorship deals and advertising spends with no evidence of member benefit. Releasing its review of RSE licensee marketing ...

APRA appoints investment risk lead from TCorp

KARREN VERGARA  |  FRIDAY, 22 OCT 2021
A former New South Wales Treasury Corp executive has joined the prudential regulator as head of investment risk. Geoff Stewart was appointed head of investment risk at APRA in September. Stewart recently finished up as TCorp's head of investment advisory ...

Scariest themes for investors revealed

ELIZABETH MCARTHUR  |  WEDNESDAY, 20 OCT 2021
A new survey from Citi has revealed what fund managers, chief executives and chief financial officers across Australia and New Zealand are most concerned about. Stagflation, China's slowdown and a global energy crunch were top of mind for over 1500 ...