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Insight

APRA Insight - Issue One 2021

Tuesday 9 March 2021

APRA Chair, Wayne Byres

A message from APRA Chair, Wayne Byres

 

Welcome to the first edition of APRA Insight for 2021.


 

Climate change action is gaining momentum

 

With the finance sector mobilising to address climate risk, and climate action around the world increasing, APRA will move ahead with a new climate risk prudential practice guide and climate vulnerability assessments in 2021. 


Life Insurance in Superannuation

Life insurance in superannuation: improving outcomes for fund members

 

APRA is concerned that some of the current practices in the way life insurance is offered through superannuation, if unaddressed, could negatively impact fund members.


Data strategy

Data strategy: APRA’s evolving data capability

 

APRA is transforming the way it collects data in order to make the process more efficient, and to reduce the regulatory burden on entities. 

 


APRA explains

APRA Explains

Successor fund transfers in superannuation 

 

APRA explains what happens when a successor fund transfer takes place, and what to do if you’ve lost track of your super after a successor fund transfer.


On the horizon

APRA laid out its 2021 agenda at the beginning of February with the publication of its Policy and Supervision Priorities documents for 2021.

Chair Wayne Byres will go into further detail on 30 March, when he delivers a keynote speech to the AFR’s Banking Summit. Mr Byres speech will highlight some key areas of focus for APRA in its regulation and supervision of the banking sector, with a view to future-proofing its resilience in an environment of strategic and economic uncertainty.

In superannuation, two of APRA’s major strategic priorities over recent years have been improving outcomes for members, and enhancing APRA’s ability to collect, analyse and publish a broader range of high quality data. APRA’s multi-year Superannuation Data Transformation (SDT), which seeks to increase the breadth, depth and quality of our superannuation data collection, sits at the confluence of those two goals. Phase 1 of the SDT, launched in November 2019, focused on addressing the most urgent gaps in APRA’s super data framework, including choice products, fund expenditure and investment options. In the next month, APRA will be finalising Phase 1 with the release of our formal response to the industry consultation.

Media enquiries

Contact APRA Media Unit, on +61 2 9210 3636

All other enquiries

For more information contact APRA on 1300 558 849.

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 $7.7 trillion in assets for Australian depositors, policyholders and superannuation fund members.