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APRA reviews its superannuation prudential framework

The Australian Prudential Regulation Authority (APRA) has today begun a post-implementation review of the superannuation prudential framework introduced following the 2013 Stronger Super reforms.

The aim of the review is to ensure the prudential and reporting standards, and related guidance, have achieved their objectives and continue to remain fit for purpose. At the time of their introduction, APRA committed to undertake a comprehensive review of the prudential and reporting requirements after they had been in place for a reasonable period.

In conducting this post-implementation review, APRA’s objective is neither to weaken nor strengthen the prudential framework. APRA will, however, consider changes to the prudential framework to address any gaps identified or issues raised during the review process to improve its effectiveness.

To commence this review, APRA today released the first of a series of consultation papers on aspects of the prudential framework. The consultation papers released today include:

  • an overarching discussion paper which outlines the purpose of the review and review process, and includes questions that seek feedback on the superannuation prudential framework as a whole; and
  • two short topic papers on governance and risk management.

APRA will release over the next few months short consultation papers covering the other four topic areas addressed in the prudential framework: financial requirements, operational risk and outsourcing; investments; insurance; and member flows and products. APRA will also be holding roundtable discussions and bilateral meetings with interested stakeholders over the duration of the review.

APRA invites written submissions on all consultation papers by 26 September 2018. A final report on the superannuation post-implementation review is expected to be released by early 2019.

Copies of the consultation papers released today are available on APRA’s website.

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, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.

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