APRA Issues Directions to Strengthen Governance in Superannuation
APRA issued directions and additional license conditions to AMP Superannuation Limited and N.M. Superannuation Proprietary Limited (collectively AMP Super). The directions and conditions are designed to deliver enhanced member outcomes by requiring AMP Super to make significant changes to its business practices. Areas identified for improvement include conflicts of interest management, governance and risk management practices, breach remediation processes, addressing poor risk culture, and strengthening accountability mechanisms.
The directions also require AMP Super to renew and strengthen its board. Additionally, APRA requires AMP Super to engage an external expert to report on remediation and compliance with the new directions and conditions. APRA has imposed the directions and additional licence conditions to address a range of concerns regarding AMP Super’s compliance with the Superannuation Industry (Supervision) Act 1993 (SIS Act). The action arises from issues identified during APRA’s ongoing prudential supervision of AMP Super, along with matters that emerged during the Royal Commission review into misconduct in the banking, superannuation, and financial services industry. This is the second time APRA used the broader directions power that was granted in April following the passage of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No 1) Bill 2019.
Related Link: Media Release
Keywords: Asia Pacific, Australia, Insurance, Pensions, Superannuation, AMP Super, Governance, Risk Culture, Accountability, Operational Risk, Conduct Risk, APRA
Next Article
EIOPA Publishes Annual Report for 2018Related Articles
|
News
APRA Publishes Approach to Regulating and Supervising GCRA RisksAPRA published an information paper that sets out a more intensive regulatory approach to transform governance, culture, remuneration, and accountability (GCRA) practices across the prudentially regulated financial sector.
November 19, 2019
WebPage
Regulatory News
|
|
News
IAIS Publishes Application Paper on Recovery PlanningIAIS published the final application paper on recovery planning, along with the resolution of comments on the draft application paper.
November 18, 2019
WebPage
Regulatory News
|
|
News
FSB Publishes Summary of November Meeting of RCG for MENA RegionFSB published a summary of the November meeting of the Regional Consultative Group (RCG) for Middle East and North Africa (MENA).
November 17, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Second Update for November 2019EBA updated the Single Rulebook question and answer (Q&A) tool with answers to eight questions that relate to the Bank Resolution and Recovery Directive (BRRD) and the Capital Requirements Regulation and Directive (CRR and CRD).
November 15, 2019
WebPage
Regulatory News
|
|
News
FASB Delays Effective Dates for CECL, Leases, and Hedging StandardsFASB issued two Accounting Standards Updates finalizing the delays in effective dates for standards on current expected credit losses (CECL), leases, hedging, and long-duration insurance contracts.
November 15, 2019
WebPage
Regulatory News
|
|
News
ESMA Updates Q&A on Securitization Regulation in November 2019ESMA updated questions and answers (Q&A) on the Securitization Regulation (Regulation 2017/2402).
November 15, 2019
WebPage
Regulatory News
|
|
News
HKMA Announces Finalization of Banking Liquidity Amendment Rules 2019HKMA issued a letter informing all authorized institutions that negative vetting of the Banking (Liquidity) (Amendment) Rules 2019 (BLAR) has now expired. Thus, the BLAR will now come into operation from January 01, 2020.
November 15, 2019
WebPage
Regulatory News
|
|
News
FSI Examines Use of Red Team Testing to Enhance Cyber ResilienceThe Financial Stability Institute (FSI) of BIS published a paper that examines the contribution of red team testing frameworks toward enhancing cyber resilience.
November 15, 2019
WebPage
Regulatory News
|
|
News
BCBS Consults on Revised Disclosures for Market Risk FrameworkBCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.
November 14, 2019
WebPage
Regulatory News
|
|
News
BCBS Consults on Disclosure Templates of Sovereign Exposures of BanksBCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.
November 14, 2019
WebPage
Regulatory News
|
