Featured Product

    APRA Submission to Productivity Commission Report on Superannuation

    August 03, 2018

    APRA published its submission to the Productivity Commission's draft report examining the efficiency and competitiveness of superannuation system in Australia. The Productivity Commission has acknowledged the importance of superannuation system in Australia and the substantial value that has been, and continues to be, delivered to fund members.

    APRA welcomed the draft report and agrees with a number of the Productivity Commission findings and the direction of many, but not all, of the recommendations in the draft report. The APRA submission sets out the perspective of APRA on the following key areas addressed in the draft report:

    • Activities of APRA related to member outcomes
    • Management of implementation
    • Role of APRA and the regulatory architecture
    • Improving the quality of superannuation data

    APRA is supportive of the focus placed by the Productivity Commission on member outcomes, which aligns closely with the current strategy of APRA for the superannuation industry. The superannuation prudential framework of APRA is less mature, compared to the other industries that APRA regulates. The industry has made substantial progress in implementing the new prudential standards over the last five years, which has translated into improved industry practices. However, the progress is somewhat variable, with some trustees making significant strides toward better practice and others showing (in some cases considerable) room for improvement. Similarly, the quality of the outcomes being provided for members varies widely across the industry. While the regulatory framework has been improved by recent legislative reforms, the continued absence of critical powers in superannuation for APRA inhibits its ability to take timely and proactive action.

     

    Related Links

    Keywords: Asia Pacific, Australia, Banking, Insurance, Securities, Superannuation, Prudential Framework, Post-Implementation Review, Productivity Commission, APRA

    Related Articles
    News

    ECB Finalizes Methodology to Assess CCR and A-CVA Risk of Banks

    ECB finalized the guide on assessment methodology for the internal model method for calculating exposure to counterparty credit risk (CCR) and the advanced method for own funds requirements for credit valuation adjustment (A-CVA) risk.

    September 18, 2020 WebPage Regulatory News
    News

    EBA Provides Opinion on Definition of Credit Institution in CRR

    EBA published an Opinion addressed to EC to raise awareness about the opportunity to clarify certain issues related to the definition of credit institution in the upcoming review of the Capital Requirements Directive and Regulation (CRD and CRR).

    September 18, 2020 WebPage Regulatory News
    News

    APRA Consults on Alignment of Daily Liquidity Report for Banks

    APRA is consulting on updates to ARS 210.0, the reporting standard that sets out requirements for provision of information on liquidity and funding of an authorized deposit-taking institution.

    September 17, 2020 WebPage Regulatory News
    News

    FED Releases Scenarios for Second Round of Stress Tests on Banks

    FED released hypothetical scenarios for a second round of stress tests for banks.

    September 17, 2020 WebPage Regulatory News
    News

    PRA Announces Update on Supervisory Benchmarking Portfolio Exercise

    PRA published updates in relation to the 2021 Supervisory Benchmarking Portfolio exercise.

    September 14, 2020 WebPage Regulatory News
    News

    FED Revises and Extends Capital Assessment and Stress Testing Reports

    FED adopted a proposal to extend for three years, with revision, the capital assessments and stress testing reports (FR Y-14A/Q/M; OMB No. 7100-0341).

    September 14, 2020 WebPage Regulatory News
    News

    HKMA Updates Policy Module for Non-Centrally Cleared OTC Derivatives

    HKMA revised the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.

    September 11, 2020 WebPage Regulatory News
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5803