APRA releases consultation on minor and consequential amendments to the superannuation prudential framework
The Australian Prudential Regulation Authority (APRA) has released for consultation minor and consequential amendments to the superannuation prudential framework. In the consultation letter released today, APRA outlines how the proposed changes follow financial reporting and auditing reforms for superannuation set out in the Treasury Laws Amendment (2022 Measures No. 4) Act 2023.
This consultation is open for submissions for six weeks until 28 February 2024.
The letter and draft prudential standards can be found at: Audit consequential amendments – superannuation.
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.