APRA finalises revised guidance on superannuation Business Performance Review
The Australian Prudential Regulation Authority (APRA) has released a final revised Prudential Practice Guide SPG 516 Business Performance Review (SPG 516) and response to submissions letter following a six week consultation period.
SPG 516 provides guidance to the superannuation industry on undertaking APRA’s new requirements for an annual Business Performance Review under Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515), and also the new legislated member outcomes assessment.
SPG 516 is the final piece of guidance to support SPS 515 which commences on 1 January 2020. SPS 515 and the supporting prudential guidance facilitate RSE licensees’ rigorous assessment of their performance and the outcomes they deliver to members, as well as helping them identify areas needing improvement.
Copies of the response letter and SPG 516 are available on the APRA website at Consultations on strengthening superannuation member outcomes.
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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 trillion in assets for Australian depositors, policyholders and superannuation fund members.