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APRA releases letter to superannuation licensees on upcoming legislative obligations

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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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.