Superannuation expenditure outcomes: putting members' best financial interests first
The Australian Prudential Regulation Authority (APRA) has released a letter to Registrable Superannuation Entity (RSE) licensees setting out initial observations, examples of better practice, and areas for improvement to support compliance with legal duties and to achieve better outcomes for members. This continues to be an area of supervisory focus for APRA, given the impact on member outcomes.
The letter is available on the APRA website at: Expenditure outcomes: putting members' best financial interests first.
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.