The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have issued a letter to registrable superannuation entity (RSE) licensees in relation to Member Outcomes (MO) obligations and Design and Distribution Obligations (DDO), to assist in better understanding the interaction of their requirements.
The letter is available on the APRA website at: Member Outcomes and Design and Distribution Obligations.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members.