The Australian Prudential Regulation Authority (APRA) today released guidance material for the new superannuation licensing regime. The guidance material includes an explanatory guide on licensing and registration, and detailed application forms and information on licence and registration applications. APRA also announced a series of national workshops on superannuation licensing for trustees, beginning mid-August.

Under reforms to the Superannuation Industry (Supervision) Act 1993 that come into force on 1 July, all existing trustees will have a two-year transition period in which to apply for a licence and to register eligible superannuation funds. New trustees operating after 1 July 2004 must be licensed and register the superannuation entity before accepting contributions.

As part of the reforms, trustees will have to comply with prudential requirements regarding adequate resources, risk management and outsourcing and meet basic standards of fitness and propriety. The reforms also include measures for transferring member benefits from funds that fail the licensing requirements or choose not to meet them.

APRA’s Deputy Chairman, Mr Ross Jones, said the reforms brought superannuation into line with the licensing requirements for other APRA‑regulated financial institutions. “APRA encourages trustees to review the guidance material and to consult with APRA early in the transition period,” he said.

To view the guidance material or for further information on the superannuation licensing workshops, please go to on APRA’s website at:
http://www.apra.gov.au/Superannuation/Superannuation-Licensing.cfm

Please call APRA on 02 9210 3344 for any enquires on superannuation licensing.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry.It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.APRA is funded largely by the industries that it supervises.It was established on 1 July 1998.APRA currently supervises institutions holding approximately $1.7 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.