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APRA warns of ERS second wave
ELIZA BAVIN  |  MONDAY, 6 JUL 2020
APRA has warned it is expecting high volumes of applications for the start of the second tranche of COVID-19 Early Release of Super scheme. The regulator said it is expecting a second wave of applications as Australians rush to remove a further $10,000 ...
Colonial First State cops licence conditions
JAMIE WILLIAMSON  |  THURSDAY, 2 JUL 2020
APRA has imposed licence conditions on Colonial First State Investments Limited to ensure super members' best interests are met, effective immediately. The regulator's decision follows an investigation into matters referred to it by the Royal ...
Industry fund eyes KiwiSaver accounts
KANIKA SOOD  |  THURSDAY, 2 JUL 2020
... priority for us. Not at this stage, we have been working through the many regulatory changes," Watson said. According to the APRA heat map, First Super's default option's total fees fell from 1.64% at November, 2019 for a $50,000 account balance ...
Equipsuper, corporate fund merge
JAMIE WILLIAMSON  |  WEDNESDAY, 1 JUL 2020
... been paying total fees of 1.93%. With Equip, they will pay about 0.96%. These fees saw PRP receive a crimson rating from APRA in yesterday's heatmap update for landing above the threshold level for significant underperformance. Equip is set to merge ...
AMP Life awards mandate post acquisition
ELIZABETH MCARTHUR  |  WEDNESDAY, 1 JUL 2020
... Australia. AMP expects the net proceeds to increase AMP's capital in excess of target surplus by approximately $1.1 billion. APRA has now registered the new non-operating holding company Resolution Life as the holding company of AMP Life and the National ...
APRA heatmap sees members save on fees
JAMIE WILLIAMSON  |  TUESDAY, 30 JUN 2020
APRA analysis shows a significant proportion of MySuper members have been spared more than $100 million in fees in the last six months thanks to the introduction of its heatmap. Updating its MySuper heatmap to reflect changes in the fees charged, APRA ...
ERS figures hit $17 billion
ELIZABETH MCARTHUR  |  MONDAY, 29 JUN 2020
The latest round of APRA data has revealed that $17.1 billion in early release of super (ERS) applications have now been paid. Billions are being withdrawn each week, despite COVID-19 restrictions easing in most Australian states. Last week $15.9 billion ...
OneVue scores admin mandate
KANIKA SOOD  |  MONDAY, 29 JUN 2020
... OneVue and will move its property funds and investment bonds to the latter's services. The agreement is subject to satisfying APRA's review during the required notification period, OneVue said in company filings this morning. If implemented, Australian ...
Super fund members compensated
JAMIE WILLIAMSON  |  FRIDAY, 26 JUN 2020
... have also paid a different amount for insurance within your superannuation," a notice to members reads. As at June 2019, APRA data shows smartMonday's total funds under management sitting at $5.5 billion. About 86% of this is in its MySuper option. "Aon ...
Super funds face fresh data requirements
ALLY SELBY  |  WEDNESDAY, 24 JUN 2020
... ongoing assessment of the impact of the coronavirus and the government's early release scheme on superannuation licensees. "APRA understands that RSE licensees have been under considerable pressure during the COVID-19 pandemic, however APRA considers ...
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