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
HKMA Announces Liquidity Measures in Response to COVID-19 OutbreakHKMA issued a circular on liquidity measures that HKMA has taken or plans to take in response to COVID-19 outbreak.
April 03, 2020
WebPage
Regulatory News
|
|
News
BaFin Lowers Countercyclical Capital Buffer Amid COVID-19 OutbreakBaFin published a general order to lower the countercyclical capital buffer (CCyB) from 0.25% to 0% as of April 01, 2020.
April 03, 2020
WebPage
Regulatory News
|
|
News
ESMA Updates Risk Assessment in Light of COVID-19ESMA updated its risk assessment to account for the impact of the COVID-19 pandemic.
April 02, 2020
WebPage
Regulatory News
|
|
News
FSB Outlines and Reprioritizes Its Work to Address COVID-19 RisksFSB published a statement that outlines its work toward addressing the financial stability risks posed by COVID-19, along with the reprioritization of its work program for 2020.
April 02, 2020
WebPage
Regulatory News
|
|
News
EIOPA Announces Measures to Address the Impact of COVID-19Due to the outbreak of COVID-19, EIOPA is re-prioritizing and alleviating the burden by extending the deadlines or delaying projects where input from national competent authorities and/or industry is foreseen.
April 02, 2020
WebPage
Regulatory News
|
|
News
EBA Guidelines on Use of Payment Moratoria to Address Liquidity IssuesEBA published detailed guidance on the treatment of legislative and non-legislative moratoria on loan repayments to be applied before June 30, 2020, in light of the COVID-19 crisis.
April 02, 2020
WebPage
Regulatory News
|
|
News
PRA Outlines Approach to Reporting and Disclosures Amid COVID-19PRA published a statement to outline its approach to regulatory reporting and Pillar 3 disclosures for UK banks, building societies, designated investment firms, and credit unions.
April 02, 2020
WebPage
Regulatory News
|
|
News
PRA Finalizes Certain Modeling Issues for Solvency II Internal ModelsPRA published a statement (PS9/20) that sets out the final policy on modeling of income-producing real estate loans and internal credit assessment for illiquid, unrated assets within the Solvency II internal models.
April 02, 2020
WebPage
Regulatory News
|
|
News
EIOPA Issues Statement on Mitigating Impact of COVID-19 OutbreakEIOPA issued a statement to insurers and intermediaries, urging them to take steps to mitigate the impact of COVID-19 on consumers.
April 01, 2020
WebPage
Regulatory News
|
|
News
APRA on Changes to Reporting Obligations for Banks Due to COVID-19APRA, in collaboration with the Reserve Bank of Australia (RBA) and the Australian Bureau of Statistics (ABS), published a letter outlining temporary changes in reporting obligations for authorized deposit-taking institutions and registered financial corporations, in response to COVID-19.
April 01, 2020
WebPage
Regulatory News
|
