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Status: Closed
13 May 2024

Strengthening Financial Resilience in Superannuation

This page contains information regarding APRA's consultation on the superannuation industry's approaches and plans to maintain the financial strength needed to operate their businesses effectively and protect their members' best financial interests.

February 2024


On 19 February 2024, APRA released a letter consulting on proposed amendments to the prudential requirements and guidance relating to the operational risk financial requirement (ORFR).  

The proposed changes are expected better to position RSE licensees to use the ORFR for its intended purpose: to manage the impact of disruption and smooth operational risk related losses fairly across different cohorts of beneficiaries.  

The letter and proposed changes respond to feedback provided in response to APRA’s 2022 Discussion Paper - Financial resources for risk events in superannuation.

This consultation will be open for submissions for 3 months until 13 May 2024.  

The consultation letter, draft Prudential Standard SPS 114 Operational Risk Financial Requirement and the integrated version of draft Prudential Practice Guide SPG 114 Operational Risk Financial Requirement can be found below:



Consultation on financial resources for risk events in superannuation: Operational risk financial requirement

Prudential standard

Prudential practice guide

Non-confidential submissions – November 2022 consultation

November 2022


On 14 November 2022, in response to significant industry evolution, supervisory insights and industry feedback, APRA released a discussion paper that proposes to replace the
existing Prudential Standard SPS 114 Operational Risk Financial Requirement (SPS 114) with enhanced obligations for trustees.

Written submissions on the proposals set out in this discussion paper should be sent by 17 March 2023.

The discussion paper and industry feedback can be found below:

Discussion paper

Non-confidential submissions - November 2021 consultation

November 2021


On 19 November 2021, APRA released a discussion paper seeking feedback from superannuation trustees and other industry stakeholders on the current and emerging approaches for RSE licensees to maintain the financial resilience needed to protect members’ best financial interests.

In particular, APRA is seeking to gain further insights on sources of funding for RSE licensees, the use of the operational risk financial requirement (ORFR), reserving practices, protections afforded to trustees via insurance, provisioning for contingency expenditure items, and how these might need to adapt over time.

Submissions to this discussion paper are requested to be provided no later than 11 March 2022. Written submissions from RSE licensees are requested to be submitted as an ad hoc return through APRA Connect, the data collection solution for reporting entities to lodge information and data with APRA. Comprehensive instructions for submitting an ad hoc return are contained in the APRA Connect Guide under section 6.11.

The discussion paper can be found below:

Discussion paper

Note on submissions

It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.

Submissions may be the subject of a request for access made under the Freedom of Information Act 1982 (FOIA). APRA will determine such requests, if any, in accordance with the provisions of the FOIA. Information in the submission about any APRA-regulated entity that is not in the public domain and that is identified as confidential will be protected by section 56 of the Australian Prudential Regulation Authority Act 1998 and will therefore be exempt from production under the FOIA.