21 Nov, 2017 28 super funds under APRA scrutiny
28 super funds under APRA scrutiny | 21 November 2017
The focus on the 28 funds, under the trusteeship of 15 licensees, has been confirmed in APRA’s submission to the Productivity Commission inquiry into superannuation industry competitiveness and efficiency.
The submission, authored by APRA deputy chair, Helen Rowell said the regulator had identified “some RSE licensees that appear not to be consistently delivering quality member outcomes across many of the metrics considered, as well as others that have room to improve some specific aspects of their operations.”
“The initial group which APRA has identified for heightened scrutiny and engagement in the near term includes 28 RSEs under the trusteeship of 15 RSE licensees, with RSEs on this list coming from all RSE licensee- and fund-types,” she said.
Rowell said the majority of the RSEs under scrutiny were public offer funds and approximately half had a MySuper product.
“APRA will also be engaging with all RSE licensees as part of its supervision activities to understand their approach to member outcomes assessments and raise any areas where there may be room for improvement based on APRA’s review,” she said.