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Showing 1 - 10 of 2114 results for "APRA"

Australian Retirement Trust completes Alcoa merger

JAMIE WILLIAMSON  |  THURSDAY, 14 MAR 2024
... opportunities, and enhanced products and services." The independent review that led Alcoa to consider its options followed a review by APRA that identified it as one of many facing sustainability issues, largely because of its declining membership. In ...

Government promises transparent financial services regulation

KARREN VERGARA  |  WEDNESDAY, 13 MAR 2024
... the grid affects the banking, credit, insurance, superannuation, investment, payments, and capital market entities. ASIC, APRA, the Australian Competition and Consumer Commission (ACCC), Reserve Bank of Australia (RBA), and Australian Taxation Office ...

ASIC, APRA issues more FAR guidance

KARREN VERGARA  |  MONDAY, 11 MAR 2024
APRA and ASIC have released more information about the Financial Accountability Regime (FAR) in preparation for the March 15 launch date. The regulators unveiled several key materials for the financial services sector, which were under consultation ...

Government consults on options to improve performance test

ANDREW MCKEAN  |  MONDAY, 11 MAR 2024
... However, its complexity could hinder transparency and create a reporting burden, with possible additional data requirements from APRA. Some argue a single-metric test would provide greater simplicity and clarity over multi-metric tests. Accordingly ...

Islamic Bank hands back licence

JAMIE WILLIAMSON  |  THURSDAY, 7 MAR 2024
The banking startup, owned in part by Hejaz Financial Services, surrendered its restricted licence to APRA last week. Since July 2022, Islamic Bank held a licence to operate a restricted authorised deposit-taking institution (RADI). This "allows an ...

Annuities too expensive for most retirees: Research

JAMIE WILLIAMSON  |  THURSDAY, 29 FEB 2024
... more than $500,000. The same annuity paying $50,000 in income would cost more than $900,000, Rainmaker said. This, despite APRA data showing that only 3.3% of retirement age members in not-for-profit and retail super funds have more than $1 million in ...

Super assets reach $3.7tn

KARREN VERGARA  |  WEDNESDAY, 28 FEB 2024
... thanks to strong contributions and share market performance. The latest statistics from the prudential regulator show that APRA-regulated assets dominate the pool, growing 12% to $2.6 trillion year on year. The self-managed super fund (SMSF) sector trailed ...

Bragg calls for another Financial System Inquiry, critiques ASIC, APRA

ANDREW MCKEAN  |  FRIDAY, 23 FEB 2024
... Financial System Inquiry (FSI) to address "structural problems" in the twin peaks of financial sector regulation, ASIC and APRA. In his speech to the Financial Services Council (FSC), Bragg argued that "clear deficiencies" in the current regulatory framework ...

ASIC waves red flag at advisers, trustees over Choice products

JAMIE WILLIAMSON  |  THURSDAY, 22 FEB 2024
... without records of further research or consideration, ASIC noted. The regulator said it will continue to work closely with APRA to drive better practices in the superannuation industry, noting the latter's stated focus on investment governance. It also ...

Reforms will strengthen retirement advice: Experts

KARREN VERGARA  |  WEDNESDAY, 21 FEB 2024
Reforms underway to expand financial advice will have positive ramifications for the SMSF and APRA-regulated sectors as it will ultimately uplift outcomes in the retirement phase for all Australians, industry experts say. The first day of the annual ...
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