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APRA releases superannuation statistics for March 2023

APRA releases superannuation statistics for March 2023

On 23 May 2023 the Australian Prudential Regulation Authority (APRA) released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the March 2023 quarter.  Key statistics for the superannuation industry as at 31 March 2023:  Superannuation assets increased by 1.1 per cent over the past year to around $3.5 trillion at the…

ASIC releases Information Sheet 278: Inventory of superannuation trustee transparency and disclosure obligations

ASIC releases Information Sheet 278: Inventory of superannuation trustee transparency and disclosure obligations

On 1 April 2023 ASIC released a new information sheet as a resource to consolidate superannuation trustee disclosure obligations. ASIC believes trustees must stride to meet their obligations to ensure accountability, transparency and better decision making by members.

Choice Sector Performance

Choice Sector Performance

APRA has published its analysis of performance of Choice superannuation products and will soon issue its Choice Product Heat-map similar to the MySuper Heat-maps recently released. The Choice sector currently comprises 46% of the APRA regulated superannuation industry, ($859 billion), with some 568 Choice products available in the market. The Choice sector typically enables members…

Federal Court fines Trustee Colonial First State Investment Limited (CFSIL) $20 Million for Misleading Conduct

Federal Court fines Trustee Colonial First State Investment Limited (CFSIL) $20 Million for Misleading Conduct

On 19 October 2021, the Federal Court issued a Penalty against CFSIL, as trustee for the Colonial First State FirstChoice Superannuation Trust, for breaches of the Corporations Act when it was found to have provided misleading and deceptive communication to its members. The illegal conduct included: informing members that Colonial must contact them to seek…

CPS511 – APRA Issues Draft Guidance on Remuneration

CPS511 – APRA Issues Draft Guidance on Remuneration

The new Prudential Standard is expected to come into effect from 2023. On 30 April 2021, APRA issued draft guidance open for consultation until 23 July 2021. The Guidance aims at providing principles and good practice for RSE Licensees in relation to their business models and financial risks. APRA has stated it will make further…