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APRA welcomes a court decision granting an injunction to prevent an individual from carrying on unauthorised banking business and using the word “bank” without a licence.
The final determination released today removes the need for APRA to make individual determinations for every MySuper product for which performance histories are required to be combined.
This paper outlines the approach APRA takes when combining the performance histories of two or more MySuper products in certain scenarios in administering the performance test. It also explains APRA’s approach to providing investment performance data to the Australian Tax Office (ATO) for inclusion in the YourSuper comparison tool.
APRA took action against Bendigo in 2020 in response to its breaches of APS 210 Liquidity. Bendigo has since completed a comprehensive review into the bank’s adherence with APRA’s liquidity requirements and a remediation plan which addresses the weaknesses to APRA’s satisfaction.
In her remarks, Ms Cole shared observations on the superannuation industry’s implementation of the retirement income covenant so far and outlined regulatory expectations for further improvement.
In the letter to industry, APRA reflects on the challenging reinsurance environment and reminds insurers that they can consider a range of reinsurance solutions including both traditional and ILS options under the prudential framework.