Prudential Standards Compliance Tool
The sheer breadth and depth of the APRA Standards is quite overwhelming. The Prudential Standards Compliance Tool will save your compliance teams having to go through each of the Standards and interpret them. Compiled by HWL Ebsworth, this comprehensive tool is comprised of guides to four specific areas which will have new compliance requirements for your organisation.
Find out more.
Super Reforms – Governance
Related External links:
Stronger Super website
Government's response to the Super System Review.
ATO website Q&A
Assists super funds and their administrators prepare for implementation of various super reforms.
APRA prudential standards
On 27 April 2012 APRA released its response to submissions on the implementation of prudential standards for the superannuation industry.
This response package follows the September 2011 release of APRA's Discussion Paper, Prudential standards for superannuation, which outlined APRA's approach to the introduction of prudential standards for the superannuation industry.
In response to submissions received, APRA has made revisions to some aspects of its proposals, most significantly in relation to the operational risk financial requirement and to the scope of the standard in relation to defined benefit funds.
The proposed standards include those extended from the banking and insurance sectors as well as standards specific to the superannuation industry.
Prudential standards extended from banking and insurance sectors:
- Fitness and propriety
- Business continuity management
- Risk management
- Audit and related matters
Prudential standards specific to the superannuation industry:
- Investment governance
- Conflicts of interest
- Defined benefit funding and solvency
- Operational risk financial requirement
- Insurance in superannuation>
- Transition to MySuper
ASFA lodged its submission on the draft standards on 20 July 2012.
In late 2011 ASFA hosted a national series of seminars, where senior APRA representatives discussed the proposed prudential standards making power.
ASFA's views on the key messages from APRA and the issues/concerns raised by ASFA members at the national seminars can be downloaded here.