Registrable Superannuation Entity (RSE) Licensees will have prudential requirements in their Christmas stockings to which they will need to comply.
The Australian Prudential Regulation Authority (APRA) said that in their new framework RSE Licensees will be required to annually benchmark their performance.
“These changes to the prudential framework set a higher bar for RSE licensees by requiring a robust assessment of the outcomes delivered for members to be reflected in their strategic and business planning,” APRA Deputy Chair Helen Rowell said.
In addition to compliance to the risk management framework and framework the, the prudential regulator has also released their new Prudential Standard SPS 515 strategic Planning and Member Outcomes.
The prudential regulator also made mention of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.1) Bill 2017 which is still before parliament which affected entities should be considering as part of their risk and compliance new year’s resolution.
If this bill I passed, then the regulator will review to see if any changes will be needed to be made to the framework.
“These new policy proposals address weaknesses in the current superannuation regulatory framework and would greatly assist APRA in driving the superannuation industry towards addressing underperformance and improving member outcomes,” Rowell said.