Review of 2013 super reforms supports APRA’s plans to strengthen prudential framework

A review of the Australian Prudential Regulation Authority’s (APRA’s) superannuation prudential framework has found it met its original objectives but must keep evolving to ensure members’ interests are protected.

“The Stronger Super reforms deliberately focused on ensuring superannuation trustees that often manage billions of dollars on behalf of members had the necessary frameworks in place to effectively administer the fundamentals of operating their business,” Mrs Rowell said.



“As the industry has matured and lifted its practices, we have shifted our emphasis to ensuring trustees are focused on enhancing member outcomes, especially with last December’s package of reforms.



“We are already taking steps to strengthen the prudential framework in many of the areas highlighted by the review, and we will look to make further changes to incorporate its findings as we progress our superannuation policy priorities. This will include consideration of measures to address relevant recommendations in the financial services Royal Commission report and the report on the Productivity Commission’s superannuation review.”



Mrs Rowell recently announced APRA’s intention to use new powers granted this month by Federal Parliament to more forcefully hold superannuation trustees and directors to account, as well as using an enhanced data collection to improve transparency around industry performance.



Copies of the review’s findings are available on APRA’s website at: https://www.apra.gov.au/post-implementation-review-apras-superannuation-prudential-framework.