APRA releases letter on implementation of Your Future, Your Super reforms
The Australian Prudential Regulation Authority (APRA) has released a letter to all Registrable Superannuation Entity (RSE) licensees on the implementation of Your Future, Your Super (YFYS) reforms, that came into effect on 1 July 2021.
The letter sets out APRA’s expectations of RSE licensees in light of the new legislative requirements.
The letter to industry is available on the APRA website at: Implementation of Your Future, Your Super reforms.
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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.