Australia

Details

  • Industry: Financial Services, Superannuation
  • Type: Regulatory update
  • Date: 30/05/2012

Draft prudential standards for superannuation 

In April and May 2012, the Australian Prudential Regulation Authority (APRA) released draft prudential standards for the superannuation industry and a response to the submissions received in relation to their September 2011 discussion paper.

In response to submissions, APRA has clarified and revised some aspects of its proposals, most notably in these five areas:

 

  • risk management
  • operational risk financial requirement
  • investment governance
  • MySuper transition
  • implementation process and timetable.

 

This update provides more information about the notable revisions and aspects of clarification within these areas.