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APRA consults on proposed amendments to the operational risk financial requirement for superannuation

The Australian Prudential Regulation Authority (APRA) has released for consultation proposed amendments to Prudential Standard SPS 114 operational risk financial requirement and its associated guidance.

The consultation, which follows APRA’s November 2022 Discussion Paper – Financial resources for risk events in superannuation, is open for submissions for three months until 13 May 2024.

The consultation letter, draft prudential standard and guidance can be found at: Strengthening Financial Resilience in Superannuation.

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 trillion in assets for Australian depositors, policyholders and superannuation fund members.