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APRA releases letter to superannuation licensees on upcoming legislative obligations

Thursday 23 July 2020

The Australian Prudential Regulation Authority (APRA) has written to registrable superannuation entity (RSE) licensees reaffirming its expectations regarding two key regulatory requirements aimed at improving outcomes for superannuation members. 

In the letter, trustees are reminded of their obligations to undertake a Business Performance Review by 31 December 2020, and an outcomes assessment by 28 February 2021, that are commensurate with the complexity of their operating models and diversity of their product offerings. 

The letter is available on the APRA website at: Letter to registrable superannuation entity licensees: Looking ahead - Focus on strategic planning and member outcomes.

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Contact Ben McLean, APRA Media Unit, on +61 2 9210 3024

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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 $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.