APRA has released a response paper and 11 final prudential standards for the superannuation industry. According to APRA, submissions received were unanimously supportive of APRA’s objectives and the broad direction of the draft prudential standards released in April 2012. In addition, APRA said it expects to release a suite of prudential practice guides for consultation in late 2012 and early 2013.
Six of the standards cover matters common to other APRA-regulated industries (ie risk management, outsourcing, business continuity management, audit and related matters, governance, and fit and proper). The remaining 5 standards cover matters specific to the superannuation industry – they include operational risk financial requirement, defined benefit matters, insurance in super, conflicts of interest, and investment governance.
The majority of the requirements in the prudential standards will take effect on 1 July 2013. The response paper and the final standards are available on the APRA website.
Source: APRA media release 12.30, 15 November 2012
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