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APRA releases further draft guidance for superannuation trustees

Friday 14 August 2009



The Australian Prudential Regulation Authority (APRA) today released draft guidance on a number of prudent practices for APRA-regulated superannuation trustees.

APRA has also released a discussion paper to assist in public consultation on the four new draft guides:

  • draft Superannuation Prudential Practice Guide – SPG 110 – Capital;
  • draft Superannuation Prudential Practice Guide – SPG 200 - Risk Management;
  • draft Superannuation Prudential Practice Guide – SPG 230 - Adequacy of Resources; and
  • draft Superannuation Prudential Practice Guide – SPG 530 – Fitness and Propriety.

The release of the discussion paper and draft superannuation guides follows the release for consultation earlier this year of revised guidance on reserves and conflicts of interest.

The four prudential practice guides address measures that might be employed by a trustee and its directors to satisfy obligations imposed under legislated licence conditions, various operating standards and other provisions under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and its regulations.

APRA is progressively issuing guides to replace Superannuation Guidance Notes and other information previously provided to trustees.

The need for updated APRA guidance has arisen from changes to the structure of the industry and the increase in size and sophistication of funds in the period following the licensing of trustees in 2006. Where appropriate, APRA harmonises guidance provided to entities across all APRA-regulated industries.

Deputy Chairman Ross Jones said: 'The draft guides provide practical guidance on measures APRA would regard as sound practice for a trustee and its directors to take in respect of the management of their responsibilities on behalf of fund members.'

APRA invites interested parties to comment on the draft SPGs by 14 September 2009. Each of the draft guides is available on the APRA website, click here for more details.

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.