Australian Prudential Regulation Authority (APRA) Deputy Chairman Ross Jones has been elected President of the International Organisation of Pension Supervisors (IOPS).

Mr Jones was elected to the honorary position for a term of three years at the recent IOPS 2007 annual general meeting in Beijing, China. IOPS is an independent international body representing countries involved in the supervision of private pension/superannuation funds. The organisation currently has around 50 member countries and territories worldwide (see www.iopsweb.org).

Established in 2004, IOPS has elected Mr Jones as its second President as it emerges from its inception phase and enters a growth phase to codify and harmonise guidelines about the regulation and supervision of private pension/superannuation systems internationally.

“IOPS is embarking on a substantial program of work reflecting its role as the global organisation serving as a standard setting body on pension/superannuation supervisory matters,” Mr Jones said. “IOPS has recently completed major work on licensing guidelines for pension/superannuation entities and is currently developing guidelines for supervision and examining a range of issues including pension fund investment in alternative assets, fund governance and costs and fees.

“My election to this position follows considerable effort by APRA over recent years to successfully introduce a comprehensive licensing and supervision system for the Australian superannuation industry, apart from self managed funds, in order to provide better protection and oversight of fund members’ retirement savings.

“Election to this position is a reflection on the good work of APRA over the past three to four years and I look forward to continuing my work with IOPS to help develop good practices globally in the interests of protecting pensions’ beneficiaries worldwide.”

In July 2006, APRA completed a licensing process ensuring superannuation was prudentially regulated in a similar way to banking and general and life insurance. Superannuation trustees are legally required to comply with new standards covering proper governance, managing relationships with third parties, maintaining adequate resources and implementing sound risk management systems (see http://www.apra.gov.au/media-releases/06_34.cfm for more details). APRA has also produced a report detailing the growth of superannuation over a 10 year period in Australia (see http://www.apra.gov.au/Insight/APRA-Insight-Issue-2-2007.cfm).

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 $3 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:
Stuart Snell, Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0407 250 276

All other inquiries:
APRA Contact Centre 1300 131 060.